TLDR
Whales holding $1M-$10M in SHIB increased their holdings by 425% over 30 days
SHIB is consolidating near resistance level of $0.000029
Technical analysis suggests potential 50% surge to $0.000044 if price breaks above $0.0000295
Open interest dropped 10.25% in 24 hours, indicating position liquidation
Trading volume decreased 17% with price declining 5.20% in 24 hours
Large investors are making notable moves in Shiba Inu (SHIB) as the popular meme cryptocurrency shows signs of increased institutional interest during a period of price consolidation.
Data from blockchain analytics firm IntoTheBlock reveals a striking 425% increase in holdings among wallets containing between $1 million and $10 million worth of SHIB tokens over the past month.
The cryptocurrency, which gained prominence in 2021, is currently trading near a critical resistance level of $0.000029. Market participants are closely watching this price point as it could determine SHIB’s next major move.
Trading activity shows a mixed picture in recent days. The latest market data indicates a 5.20% price decline over 24 hours, with SHIB trading around the $0.000026 level. Adding to the complexity of the current market situation, trading volume has decreased by 17% compared to the previous day.
The substantial increase in whale accumulation suggests growing confidence among larger investors during this consolidation phase. These institutional-sized wallets have been steadily adding to their positions, potentially positioning themselves for future price movements.
Technical analysis of SHIB’s price action reveals a consolidation pattern forming near the resistance level. This type of price behavior often precedes larger market moves, though the direction remains uncertain until a clear breakout occurs.
Shiba Inu Price on CoinGecko
Market analysts point to $0.0000295 as a key level to watch. A daily close above this price point could trigger a rally, with some technical indicators suggesting potential upside movement of up to 50%, which would put SHIB at approximately $0.000044.
The 200-day Exponential Moving Average (EMA) continues to provide support for SHIB’s price, indicating an overall upward trend. The Relative Strength Index (RSI) readings remain below overbought territory, leaving room for potential upward momentum.
However, derivatives market data presents a more cautious picture. According to Coinglass, open interest in SHIB has declined by 10.25% over 24 hours, suggesting traders are reducing their positions during this period of consolidation.
Leverage positions show interesting patterns at key price levels. At $0.00002546, traders have established long positions worth $1.8 million, creating a potential support level. Conversely, short positions totaling $3.6 million are concentrated at $0.00002861, which could act as resistance.
The recent decline in trading volume may indicate trader hesitation as market participants await clearer directional signals. This reduced activity often precedes larger price moves as traders position themselves for potential breakouts.
Current market structure shows SHIB trading in a tight range, with clear support and resistance levels established. The presence of large short positions at higher prices could lead to a short squeeze if prices move upward, potentially accelerating any bullish momentum.
The combination of whale accumulation and declining retail trading activity creates an interesting market dynamic. While large holders increase their positions, smaller traders appear to be taking a more cautious approach.
Technical indicators maintain a generally positive outlook, with price holding above key moving averages. However, the declining open interest suggests some traders are moving to the sidelines during this consolidation period.
Recent price action shows SHIB maintaining its position above crucial support levels despite the short-term decline. The cryptocurrency continues to attract attention from both retail and institutional investors as market participants monitor key price levels.
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