Shiba Inu whales bought over $110 million worth of SHIB after a recent price drop, triggering a strong rebound.
- Whales purchased 10.4 trillion SHIB on Monday after prices hit a 16-month low.
- SHIB gained 17% after the whale activity and strong trading volume support.
- Current price patterns suggest more upside if resistance is broken soon.
Whales Step In After Sharp Price Drop
Shiba Inu (SHIB) hit a low of $0.00001005 over the weekend, the lowest price in 16 months. On Monday, big buyers known as whales bought 10.4 trillion SHIB tokens, worth more than $110 million. This was the largest single-day buying activity in five months. Their move helped SHIB jump 17% in price within a few days.
Trading Volume Signals Strong Market Support
From June 24 to June 25, the trading volume of SHIB reached 439 billion tokens in just one day. This is far above the usual daily average. The most important support level was near $0.00001158, where a lot of buying happened. The price of SHIB has also been forming higher lows, which is usually a sign of growing strength.
Price Outlook: Key Resistance Ahead
Right now, SHIB is trading around $0.00001162. If the price can break past the resistance at $0.00001175, it may continue to rise. However, if the price fails to move higher, the rally could slow down. SHIB’s hourly chart forms a descending triangle, with a flat support line and a falling top line. If the price breaks the top line, a new rally could begin. If not, the price may move lower again.
What to Watch Next
The next key price level is $0.00001230, last touched on June 16. If SHIB breaks above the current pattern, it could move toward this level. If the price falls below the triangle support, it might signal a price reversal back down. For now, SHIB is holding steady, and market watchers are waiting for a clear breakout or breakdown.
Source: coindesk.com
