Following a 20% drop in a month, Shiba Inu has caught the attention of major holders. The massive accumulation of 1.93 billion tokens by whales could potentially reignite SHIB's bullish trend.
Despite the recent Shiba Inu price drop, major investors did not hesitate to seize this opportunity. According to IntoTheBlock data, the whales accumulated 1.93 trillion SHIB tokens in just 24 hours, indicating a surge in demand for the memecoin.
This frenzy of buying by major market players contrasts with the recent downward trend observed in the past weeks. Since its peak at $0.00001764 three weeks ago, Shiba Inu has dropped by 20.53%, under selling pressure.
The massive influx of capital from whales has logically had a positive impact on the price of Shiba Inu. Currently, SHIB is trading at $0.00001259, showing a moderate increase of 1.03% over 24 hours.
If this accumulation trend continues, it could encourage other investors to enter the SHIB market, driving up overall demand and pushing prices higher. In this scenario, Shiba Inu could test the resistance level at $0.00001350. A level that corresponds to the FBB 12H midline.
However, a shift by the whales towards selling could weaken the support at $0.000012 and lead to a drop to $0.0000119.
If SHIB manages to break this midline resistance, it could then reach the resistance zone at $0.0000162. This would offer an increase of about 24% from its current price in the coming days.
The bullish RSI divergence in 12H adds confluence to this bullish bias. As Bitcoin and other leading cryptocurrencies have regained their liquidated trendline, SHIB should follow suit unless there is significant lack of demand. SHIB will regain its trendline (in yellow) if it reaches around $0.000015.
In summary, despite the recent Shiba Inu decline, the frenetic whale accumulation activity suggests a regained interest in this memetic token. This trend could be the precursor to a rebound in the SHIB price, provided that the large players’ buying momentum continues.
Investors should therefore carefully monitor the whales’ movements to anticipate the next price moves.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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