Shiba Inu (Shib) Whales have increased their sales as Cryptocurrency’s price recovery seems to be collecting steam with a uptick in futures market activity. The road with least resistance still seems to be on the higher side.
Shib, the world’s second largest meme-token by market value, traded over 23.6% fibonacci retracement of May-JUNI sales of writing, up over 1% on a 24-hour basis, according to Coindesk data.
Bullish Rsi
Prices have achieved over 5% in one week along with bullish signals from key indicators such as 14-day relative strength index. Momentum Oscillator has crossed into the bullish territory over 50 for the first time since May 23.
Support for the Bull case is volume number that has exceeded the daily average of 307.5 billion tokens in the recent price recovery phase, according to data traced by Coindesk’s AI research.
Open interest rises when whales sell
Meanwhile, open interest in eternal futures, listed on Binance, has risen past the 7 million Shib brand for the first time since May 23, according to Data Source Velo. The recovery, accompanied by positive financing rates, suggests an increased investor interest in focusing on continuation price gains.
However, the increase could be challenged by whales and insiders moving trillion of coins to exchanges, with ten wallets that control over half of the total token supply.
Key AI insight
- Support zone for $ 0.00001172- $ 0.00001175 attracts the purchase of high volume.
- Resistance to $ 0.00001196 caps on the head with consistent twists.
- Volume exceeds 307.5 billion token daily average during the recovery phase.
- Intraday High $ 0.00001195 represents 1% gain from the Session Open.
- 7.25 billion token volume tip marks resistance testing test during breakout trials.
(Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.)
