Shiba Inu (SHIB), one of the most watched memecoins in the crypto market, is showing early signs of a potential price reversal, driven by large-scale whale accumulation and encouraging technical patterns.
Shib chart by BITX
Whales Buy Over 10 Trillion SHIB Amid Price Dip
After a sharp correction of nearly 27% from mid-May, SHIB hit a 16-month low of $0.00001005. However, whale wallets accumulated 10.4 trillion SHIB tokens — worth around $110 million — signaling renewed interest at discounted levels.
This accumulation suggests that high-net-worth investors are positioning ahead of a possible SHIB price recovery.
Such buying behavior often precedes significant market movements, particularly when backed by volume and sentiment shifts.
‘Inside Week’ Candle Pattern Hints at Trend Reversal
A notable technical signal emerged during the week ending June 29: an inside week candle. This occurs when a weekly candlestick’s high and low are fully contained within the previous week’s range.
- Inside week patterns often indicate indecision or consolidation after sharp moves.
- In SHIB’s case, appearing after a prolonged downtrend, it can signal seller exhaustion and a potential bullish breakout.
High Volume Breakout Strengthens the Bullish Case
On June 29, SHIB experienced a 4.3% intraday price swing, ranging from $0.00001147 to $0.00001198. The most significant action occurred between 21:00 and 22:00 UTC, when SHIB broke out of its consolidation range on volume 5.8 times the average, indicating strong interest.
Key resistance has formed at $0.00001198, while short-term support stands at $0.00001160, the breakout’s base level.
Institutional-style volume spikes exceeding 8 million USDT were recorded during reversal attempts, particularly near 03:35 and 03:49 UTC on June 30, highlighting possible strategic positioning by large players.
Conclusion: Is SHIB Gearing Up for a Bounce?
With technical indicators pointing toward a shift in momentum and whales actively accumulating, SHIB may be forming a solid foundation for a short-term rally. The next price moves will likely depend on volume confirmation, broader market sentiment, and whether SHIB can break above the $0.00001198 resistance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.