Shiba Inu (SHIB) is showing signs of recovery after a value decline of approximately 27% in recent weeks. The cryptocurrency attracted substantial interest from major investors after dropping to its lowest point in 16 months at $0.00001005. These investors purchased 10.4 trillion SHIB tokens with an investment of roughly $110 million. This substantial move triggered a brief uptick in prices, with technical indicators suggesting a potential trend reversal. A notable 11% increase was observed over the past seven days.
Impact of the Major Investors’ Move
The sharp drop in SHIB’s price was seen as a buying opportunity for large-scale investors. Data from CoinDesk revealed that these “whales” executed a massive acquisition of 10.4 trillion tokens, equivalent to about $110 million. This sizable purchase resulted in an immediate impact on the SHIB market, causing visible price fluctuations.
The entry of substantial players not only heightened price volatility but also led to a significant surge in trading volume. Recent volume data clearly reflects this increased market activity. The 24-hour period covering June 29 exemplifies this activity, with SHIB’s price experiencing a 4.3% fluctuation, trading within a range of $0.00001147 to $0.00001198.
The most notable movement occurred between 9:00 PM and 10:00 PM on June 29, characterized by trading volume rising to 5.8 times above average, attempting to break out of its consolidation phase.
Insights from Technical Indicators
A “nested weekly candle” pattern has emerged on SHIB’s price chart, capturing analysts’ attention. This formation occurs when a week’s trading range completes within the previous week’s range, often reflecting market uncertainty and indecision.
However, when observed immediately after a prolonged downtrend, it may signify something different. Experts suggest that this might indicate a weakening of sellers’ control and the potential onset of an upward movement. The 11% increase recorded in the past week supports this optimistic perspective.
Recent 24-hour technical data indicates that the market is delicately balanced. With high trading volume, the $0.00001198 level has been established as a resistance point. Subsequent profit-taking led to the price finding support around $0.00001160. SHIB closed the day with a slight 1.4% increase, reaching $0.00001164, with significant hourly movements noted.
Sudden drops and subsequent recovery attempts occurred primarily during nighttime hours, involving large transactions exceeding 8 million USDT. These actions have been associated with institutional investor activities. TradingView data confirms both the clarification of resistance and support levels and the ongoing increase in volume.
