Overview

Recent trends indicate a burgeoning interest in Shiba Inu (SHIB) as whales have amassed a staggering 10.4 trillion tokens. This accumulation hints at a potential price recovery for SHIB, which has suffered a recent decline.

Key Insights

• On June 29, significant trading volume was noted, leading to SHIB breaking its previous consolidation pattern.
• The price of SHIB experienced a strong drop of nearly 27% since mid-May, nearing a 16-month low before showing signs of recovery.

Market Movement Analysis

The emergence of whale activity combined with an inside week candle pattern suggests a possible pause in the downtrend with expectations of upward momentum. This candle formation indicates indecision within the market and a shift in buyer-seller dynamics.

SHIB Prices SHIB prices. (TradingView/CoinDesk)

Further analysis shows that the price bounced back 11% leading to this potential recovery. The trading range analysis indicated seller exhaustion with implications for continued upward trends as demand grows.

Conclusion

Given the significant movements and whale engagements, the SHIB market might be setting the stage for a renewed bullish phase.