SHIB Price Recovers Amidst Whale Selling
SHIB Price Recovers Amidst Whale Selling
The Shiba Inu (SHIB) price is showing signs of recovery, climbing above the 23.6% Fibonacci retracement of its May-June sell-off. However, this upward movement is occurring simultaneously with increased selling activity from SHIB whales. The overall market trend remains uncertain.
As of this writing, SHIB is up over 1% in the last 24 hours, according to CoinDesk data. This positive price action is supported by trading volumes exceeding the daily average of 307.5 billion tokens. The 14-day relative strength index (RSI) has also crossed into bullish territory above 50 for the first time since May 23, further suggesting a potential upward trend.
Increased Futures Open Interest
Open interest in SHIB perpetual futures on Binance has surpassed 7 million SHIB, a level not seen since May 23. This surge, coupled with positive funding rates, indicates heightened investor interest in betting on further price increases. This increase in futures activity suggests considerable speculative interest in SHIB's future price movement.
Whale Activity and Price Resistance
Despite these bullish signals, the recovery may face challenges. Significant amounts of SHIB are being moved to exchanges by large holders (whales), with ten wallets reportedly controlling over half the total token supply. This suggests potential selling pressure that could cap further price gains.
Key Insights
- Support: $0.00001172-$0.00001175 is showing strong buying interest.
- Resistance: $0.00001196 is consistently capping upward price movements.
- Volume: Trading volume has exceeded the daily average during the recovery phase.
- Intraday High: The intraday high reached $0.00001195, representing a 1% gain from the session open.
- Spike: A 7.25 billion token volume spike marked a resistance test during a breakout attempt.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. The cryptocurrency market is highly volatile. Always conduct thorough research before making any investment decisions.
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