The recent trajectory of Shiba Inu (SHIB) signals recovery after a significant 27% dip in its value. Triggered by its descent to a 16-month low at $0.00001005, the cryptocurrency captured the interest of pivotal investors. These entities decisively acquired 10.4 trillion SHIB tokens with a hefty investment of around $110 million. This action catalyzed a short-term price rise, underscoring a potential shift in market sentiment. Noteworthy is the 11% price hike over the past week.
What Effects Did Large Investors Have?
The considerable decline in SHIB’s price provided a tempting prospect for influential investors. CoinDesk revealed that these major players executed a significant purchase amounting to the acquisition of 10.4 trillion tokens, approximately valued at $110 million. This acquisition left a noticeable imprint on the SHIB market, leading to evident price oscillations.
The participation of these large investors not only increased price variability but also significantly boosted trading volume. Recent figures illustrate this heightened market engagement. Specifically, on June 29, there was a 4.3% fluctuation in SHIB’s price, trading within the $0.00001147 to $0.00001198 range.
A particularly intense surge occurred between 9:00 PM and 10:00 PM on June 29, when trading volume peaked to 5.8 times higher than average, suggesting an attempt to exit its consolidation mode.
Are Technical Indicators Pointing to a Shift?
Indeed, technical indicators reveal intriguing formations. A “nested weekly candle” pattern, detected on SHIB’s price chart, caught the market observers’ eyes. This occurs when trading completes within the range of the previous week, often representing uncertainty.
Seen after a drawn-out decline, it could suggest an easing grip by sellers and a potential uptrend initiation. The recent 11% weekly increase bolsters this hopeful scenario further.
The latest 24-hour data shows a delicate equilibrium. High trading volumes have identified $0.00001198 as a resistance threshold. Responding to profit-taking, a support base was formed at $0.00001160. SHIB closed with a modest 1.4% rise, attaining $0.00001164, characterized by significant hourly shifts.
Notable price dips followed by recovery attempts were detected mainly during nighttime, marked by substantial transactions exceeding 8 million USDT. These are linked to institutional investor activities. TradingView data corroborates the establishment of resistance and support boundaries alongside ongoing volume increases.
The orchestrated moves by key investors have clearly impacted Shiba Inu’s landscape, suggesting a potential reversal from recent downtrends. Concrete technical signals are setting the stage for a possibly stronger upward momentum in SHIB’s market performance.
