Shiba Inu Up 0.11% as Whales Accumulate, Bullish Pattern Forms

Shiba Inu's latest price was $0.00001441, up 0.11% in the last 24 hours. The cryptocurrency has recently formed a double-bottom pattern, which is a bullish trend indicator. This pattern suggests that the cryptocurrency could experience a significant increase in value if it manages to break through certain resistance levels. The formation of this pattern is supported by a sharp surge in social volumes, indicating increased trader engagement and community attention. This heightened interest from retail traders is a key factor in the potential upward movement of Shiba Inu.

The daily chart of Shiba Inu reveals a clear double-bottom pattern, which is often a precursor to significant bullish moves. If the current buying pressure is sustained, Shiba Inu may enter a phase of higher highs. However, the cryptocurrency needs to break through some resistance levels before any serious uptrend can continue. One of the key resistance levels is the 200-day Simple Moving Average (SMA).

A breakout above the 200-day SMA could confirm the bullish trend. This breakout might take the price to a higher level, which would be a strong indication of an upward direction. Based on this level, a rally into the double-bottom price target could portray a significant increase in value. The increased social activity and network engagement suggest that Shiba Inu is gaining traction in the market, which could further fuel its upward momentum.

The latest activity associated with Shiba Inu indicates a rise in market interest towards it. A further increase in volume could mean an increase in retail purchasing. The resistance levels may be breached by the greater buying pressure, as the token is likely to increase in a steady fashion. The current rise of Ethereum is also partially playing a role in boosting this activity as the Ethereum-based meme coins bask in the reflected glory.

The bullish structure of Shiba Inu notwithstanding, the trajectory of the cryptocurrency could be characterized by short-term rejections due to profit-seeking trends typical of meme tokens. The rally will be strong provided that the token has RSI levels higher than 50 and can create an upward momentum. Further increases are likely to be sponsored by the further general increase in the RSI.

On the whole, the technical signals and increased network activity of the Shiba Inu indicate that the token may be awaiting a significant volatility break. Once major resistance is overcome and the retail involvement keeps gaining momentum, Shiba Inu can approach its intended price target within the next several weeks.

Shiba Inu’s exchange reserves have hit a new low, the lowest level since 2023, providing a bullish outlook for the top meme coin. This development is significant as a price surge could follow, with Shiba Inu rallying to new highs. In 2023, as the exchange reserves began to decline, SHIB witnessed a significant rally, which sent its price above the psychological level. The meme coin surged from a low of around back then.

CryptoQuant data shows that Shiba Inu’s exchange reserves have dropped to their lowest level since January 2023. This metric refers to the amount of SHIB that is held in wallets linked to crypto exchanges. As such, the drop in these reserves indicates that there has been a massive accumulation by whales who have been moving coins to cold storage for long-term holding. This development is significant as a price surge could follow, with Shiba Inu rallying to new highs.

IntoTheBlock data also shows that Shiba Inu whales are back to accumulating SHIB, which could spark this rally as demand outweighs supply. Over the last week, SHIB’s largest transactions have been steadily climbing from the lows recorded in June when the meme coin fell to the support level. It is also worth noting that Shiba Inu’s correlation with Bitcoin is 0.92, indicating a strong positive correlation between the two assets. As such, the meme coin could also skyrocket as the leading crypto targets new all-time highs (ATHs).

In an X post, crypto analyst Javon Marks confirmed that Shiba Inu is eyeing another rally. He stated that in the short term and based on confirmed data, SHIB is expected to reach the level in response to a bullish divergence. The analyst noted that this move itself is over 135% and could only be the start of a larger bullish reversal. The analyst had earlier revealed that Shiba Inu had confirmed a clear bullish divergence on its Moving Average Convergence Divergence (MACD). Marks further remarked that this development points to a nearly 180% upside, which would send the meme coin back to around. Meanwhile, crypto analyst also confirmed that the targets of to remain valid for the top meme coin.

Increased whale activity has been observed for Shiba Inu, with a notable surge in large holder inflows. Specifically, token accumulation by major investors has risen sharply over a short period, suggesting strategic repositioning. This behavior is often interpreted as a precursor to bullish sentiment, reflecting confidence in the token's ecosystem and potential growth.

The Shiba Inu ecosystem is gaining traction for its integration of artificial intelligence (AI) initiatives. This pivot towards AI-focused projects is attracting renewed attention from diverse investor segments, potentially expanding utility and driving long-term adoption. Market observers note that this strategic direction could enhance Shiba Inu's value proposition amid competitive dynamics in the cryptocurrency space.

From a technical standpoint, Shiba Inu is exhibiting a classic bullish reversal pattern, which analysts are monitoring for confirmation. Such formations indicate the possibility of a breakout above key resistance levels, though this remains contingent on broader market conditions. The development is part of broader signals that underscore growing optimism about the token's near-term potential.

Amid a broader memecoin resurgence, Shiba Inu has been highlighted for its role in the sector's rebound, though it faces competition. The token's recent movements align with anticipations of a significant trajectory shift, which could influence its outlook for the rest of the year.