Shiba Inu (Shib) Whales went hunting early this week after prices fell to a 16-month low at $ 0.00001005.
According to Coindesk’s AI research, whales bought 10.4 trillion shib -tookens worth over $ 110 million, Monday, marking the largest daily accumulation of five months.
The whale action has probably contributed to Cryptocurrency’s 17% price jumping from 16-month low, which was reached on Sunday. Note that the wider crypto market has stabilized after the initial knee-pressure reaction to the tensions in the Middle East. BTC, which fell under $ 100,000 over the weekend, last changed hands near $ 106,000.
Market data indicates that Shib maintains a generally constructive attitude where higher lownesses form a subtle upside channel. The token found significant volume support of $ 0.00001158 level over 24 hours from June 24, 09:00 to 25 June 08:00, with trading volume increasing to 439 billion, well above the daily average.
This accumulation of support levels suggests the potential of continued upside -Momentum if $ 0.00001175 resistance can be decisive. From writing, shib traded to about $ 0.00001162 on larger exchanges, according to Coindesk data.
Key AI insight
- Higher low -laid down a subtle up -end channel, which suggests accumulation at the support levels and potential for continued upside -momentum if $ 0.00001175 -resistance is cleared.
- During the 60 minutes from June 25, 07:06 to 08:05, Shib climbed from $ 0.00001169 to $ 0.00001171, representing a gain of 0.2%.
- A significant price increase occurred between 07: 25-07: 27, with volume peaking at 12.36 billion shib as prices reached the session high at $ 0.00001175.
- Price action formed an increasing channel with higher low low, although a sharp correction at. 08:03 tested $ 0.00001171 support level, which suggests consolidation after the previous rally.
Hourly diagram
Shib’s recovery has stopped since Tuesday with prices dealing with what seems to be a falling triangle, characterized by a falling trendline and a horizontal support line.
A price movement through the falling trendline would signal a continuation of the recovery rally and postpone the resistance on June 16 over $ 0.00001230. Conversely, a collapse of the triangle would signal a bearish reversing lower.
