- SHIB tests resistance at $0.00001434 as bullish daily patterns drive momentum
- Whale accumulation spikes 422% in one day, signaling growing investor confidence
- Analysts eye $0.00001718 short-term target, with $0.0001 long-term milestone in sight
A massive wave of whale accumulation has hit the Shiba Inu market, with on-chain data revealing that large wallets have scooped up a staggering 1.81 trillion SHIB in just the last 24 hours. This buying spree, a 422% increase from the previous day, is fueling a bullish technical setup that has the token’s price pushing against key resistance.
This new wave of optimism comes as SHIB has gained 15.65% over the past week. With a current price of $0.00001387 , the popular memecoin is showing renewed signs of strength.
Whale Accumulation Drives Bullish Sentiment
The on-chain data is fueling the bullish narrative for Shiba Inu. The 1.81 trillion tokens recently purchased by wallets holding more than 0.1% of the total SHIB supply marks a 1,247% increase in their buying activity compared to one month ago.
Related: One Single Wallet Holds 41% of All Shiba Inu, a $5.5 Billion “Ticking Bomb”
This surge in whale activity suggests that the market may be on the cusp of a major shift. Whales have historically played a crucial role in driving price movements, and their recent behavior points to a more sustained uptrend.
As Cantonese Cat, a popular analyst, stated, “No one is selling SHIB. It just needs a little nudge.” This sentiment highlights the growing confidence in SHIB’s potential for the future.
Bullish Daily Chart Patterns
According to the well-known analyst SHIB KNIGHT, the daily chart for $SHIB is showing promising signs of bullish momentum. The price has been steadily rising, with a current value of $0.00001387, up 0.95%.
SHIB is testing important resistance levels, specifically $0.00001388 and $0.00001434. These levels, marked by blue flags on the chart, could either trigger a reversal or allow SHIB to break through and surge even higher. If the coin manages to clear these hurdles, it could quickly target $0.00001513.
On the flip side, SHIB may face some consolidation or even retrace if it fails to break past these resistance zones. The immediate support appears to be around $0.00001386, with the previous low at $0.00001387 acting as a buffer. With the market sentiment growing more favorable, especially among whales, the overall outlook remains promising for SHIB.
The Next Price Targets for SHIB
While SHIB is still in the early stages of its rally, analysts have set their sights on some exciting price targets. In the short term, SHIB is eyeing resistance at $0.00001718.
Should the price manage to break through this, a run toward the $0.000018 level could be in the cards. For those looking further into the future, SHIB could potentially revisit its December 2023 highs of $0.00003324 before even higher levels are reached.
Related: Shiba Inu Sets a Record With Over 1 Billion SHIB Burned in a Single Transaction
Long-term projections are equally optimistic. Several analysts believe that SHIB could eventually reach $0.0001, a significant milestone both psychologically and technically. With growing community engagement, a robust tokenomics structure, and a strong burn strategy, SHIB seems to be positioning itself for continued growth.
