Key Takeaways
- Shiba Inu (SHIB) holds steady near key support levels as whales accumulate over 1.3 trillion tokens in a single day.
- Technical indicators suggest a potential breakout, with RSI nearing oversold territory and a bullish double-bottom pattern forming.
While the broader meme coin market faces declines, Shiba Inu’s (SHIB) price remains notably steady. Currently trading near $0.0000115, SHIB has seen little movement over the past 24 hours—offering a rare calm amid crypto market volatility. Despite a monthly drop of over 19%, major investors appear unshaken, with on-chain data suggesting that SHIB could be nearing a critical turning point.
According to popular analyst @pepeisfriend, SHIB is likely approaching its support zone between $0.000010 and $0.000011. This area may represent a potential floor for the token before the next growth phase. “Stay confident and keep holding or even buy more,” he advised followers on X, noting bullish signals forming on SHIB’s chart.
Supporting this outlook, whale activity has spiked dramatically. In a single day, large holders acquired over 1.3 trillion SHIB. Wallets holding at least 0.1% of the total supply led this buying spree, as netflows surged from 31.56 billion to 1.34 trillion SHIB—an indicator of quiet confidence rather than capitulation.
On the technical side, SHIB’s weekly chart has formed a double-bottom pattern, a bullish reversal signal often preceding rallies. If SHIB can break above the short-term resistance at $0.0000124, aligned with the middle Bollinger Band, analysts project a potential rise toward $0.000022—nearly doubling its current price.
Also Read: SHIB Price Breakout Looms: Triangle and Pennant Patterns Signal 17% Rally Ahead
Momentum indicators are also flashing signs of a shift. The daily Relative Strength Index (RSI) is approaching oversold territory, suggesting a possible bounce. Meanwhile, narrowing Bollinger Bands hint at an imminent breakout. The Moving Average Convergence Divergence (MACD) remains bearish but shows a narrowing gap, signaling potential for a bullish crossover.
For now, traders remain watchful. A daily close above $0.0000124 would confirm renewed buying interest, while a drop below $0.0000110 could trigger further downside toward $0.0000100. However, with whales actively accumulating and technical patterns aligning, SHIB could be poised for its next upward move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
