- Whale wallets added 1.81T SHIB, marking a 1,247% monthly rise in accumulation.
- SHIB broke above $0.000013 resistance, now trading at monthly highs with 17% weekly gains.
- Analysts eye $0.00001718 to $0.0001 as potential targets if buying momentum continues.
Shiba Inu (SHIB), one of the leading meme-based cryptocurrencies by market cap, is showing signs of a possible trend reversal following an extended period of downward movement. The token, which declined 77% from its March 2024 high of $0.000045 to a low of $0.00001004, has recently broken a key resistance level as new data displays accumulation by large holders. Analysts monitoring SHIB’s price and on-chain behavior report that the token is experiencing renewed interest and positioning for a potential recovery.
On July 10, wallets holding more than 0.1% of SHIB’s total supply accumulated 1.81 trillion tokens. This marked a 422% increase in accumulation compared to the previous day and a 1,247% rise from one month earlier. The movement coincided with SHIB breaking above the $0.000013 resistance level, a price point it had failed to sustain since mid-June.
At the time of writing, SHIB was trading at $0.00001375, reflecting a 4.6% gain over the last 24 hours and a 17% increase on the weekly chart. While 1.28 trillion SHIB also flowed out of large wallets on the same day, net inflows remained positive, indicating that accumulation outweighed distribution.
The upward pressure has been accompanied by lower-than-average sell-side activity. Analysts tracking on-chain flows note that SHIB’s outflows have remained limited, suggesting that long-term holders are maintaining positions rather than taking profits during price surges.
Analysts Outline Key Price Targets Based on Resistance Zones
SHIB’s recent move above $0.000013 has shifted attention to upcoming resistance levels. Technical analysis highlights $0.00001718 as the next near-term target. A successful push beyond this zone could bring SHIB into breakout territory at $0.000018.
Among the mid-term price levels to observe are the $0.00002502 level, indicating a recovery in the February 2024 momentum. Another potential move that is poised if the bull run persists is the December 2023 peak of $0.00003324. In the long run, the psychological and technical level of $ 0.0001 has become a target, where a critical mass of successive successful tests and long-term but gradual accumulation.
The formation of on-chain indicators and chart patterns has been described as a possible bullish pattern formation. Market watchers argue that the latest price development, with the inflows and increasing holdings at whale addresses, foreshadowed the initial phases of a multi-leg rally.
As SHIB experiences profits around the highest points of the month, analysts impose the idea of steady support from buyers to go above and test resistance. Whale accumulation, minimal selling pressure, and technical breakouts provide some foundation for a potential continuation, which remains contingent on follow-through impetus in the subsequent sessions.
