- Large investors acquired 10.4 trillion Shiba Inu (SHIB) tokens worth about $110 million following a major price drop.
- SHIB price dropped 27% since mid-May, touching a 16-month low before rebounding 11% in the week leading up to June 29.
- An “inside week” candlestick pattern formed, signaling a potential pause or reversal of the recent downtrend.
- The price traded between $0.00001147 and $0.00001198 over a 24-hour period, with significant trading volume driving movements.
- Spikes in trading volume and rapid price changes suggest increased activity by institutional traders.
Large holders increased their position in Shiba Inu (SHIB) after a steep decline, purchasing more than 10 trillion tokens worth approximately $110 million. This accumulation activity comes after SHIB recorded a significant price drop of 27% since mid-May, reaching a low of $0.00001005 before showing signs of recovery.
SHIB’s price responded with an 11% gain in the seven days ending June 29. Trading activity in that week produced an “inside week” candle, a technical chart pattern where the trading range sits completely inside the range of the previous week. According to data from TradingView and CoinDesk AI insights, this signals that momentum between buyers and sellers is currently balanced.
In technical analysis, the appearance of an inside week following a prolonged downtrend often points to sellers losing strength, creating a potential for price recovery. During the 24-hour period starting June 29 at 04:00, SHIB’s price moved from $0.00001147 to $0.00001198, representing a 4.3% swing. The most notable activity was recorded between 21:00 and 22:00 on June 29, when SHIB broke out of its trading range with trading volume 5.8 times above average.
High volume set resistance at $0.00001198, and profits were booked soon afterward, bringing the price to a support level at $0.00001160. SHIB closed the 24-hour period at $0.00001164, up 1.4% from its opening value.
Within the last hour of June 30, SHIB experienced a decline to $0.00001056 before rebounding toward $0.00001165. Trading volume exceeded 8 million USDT during key reversals at 03:35 and 03:49, suggesting active positioning by larger traders or institutions.
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