Shiba Inu Whale Accumulation, ‘Inside Week’ Candle Offer Hope to SHIB Bulls

Signs of green shoots have emerged in the shiba inu SHIB market, with whale accumulation and an inside week candle suggesting a price recovery ahead. SHIB’s price has dropped nearly 27% to $0.00001160 since mid-May, hitting a 16-month low of $0.00001005 at one point, according to data source TradingView. The decline, however, prompted whales – investors with ample capital supply and ability to move markets – to go bargain hunting. These entities recently purchased 10.4 trillion SHIB tokens worth approximately $110 million, according to CoinDesk’s AI insights. Meanwhile, prices bounced 11% in the seven days to June 29, forming an “insider week” candle, signaling a pause in the downtrend. The pattern occurs when the trading range (high- low) of a weekly candle is entirely contained within the range of the preceding weekly candle. It’s a sign of indecision, with both buyers and sellers unwilling to lead the price action. The occurrence of the said candlestick pattern after a prolonged downtrend, as in SHIB’s case, is said to represent seller exhaustion and a potential for an upward price swing. Key points SHIB experienced a 4.3% price swing from $0.00001147 to $0.00001198 during the 24-hour period from 29 June 04:00 to 30 June 03:00. Most significant price action occurred between 21:00-22:00 on 29 June, when SHIB broke out of its consolidation pattern on 5.8x above-average volume. High-volume resistance established at $0.00001198, with subsequent profit-taking leading to support at the $0.00001160 level. 24-hour closing price of $0.00001164 represented a 1.4% gain from the opening level. In the last 60 minutes from 30 June 02:53 to 03:52, SHIB dropped 0.3% from $0.00001167 to $0.00001164. Two distinct phases marked the hourly period: an initial sharp decline to $0.00001056 between 03:17-03:28, followed by a recovery attempt peaking at $0.00001165 around 03:45. Volume spikes exceeding 8 million USDT occurred during key reversal points at 03:35 and 03:49, suggesting institutional positioning.

Source: CoinDesk