Over the past couple of weeks, the Shiba Inu price has plunged by more than 10% and slipped below $0.00001. The recovery was negligible compared to that of the plunge, which compelled the price to remain under the influence of the bears. While the SHIB price failed to display the possibility of a healthy recovery in the near future, the SHIB whales have been activated and are accumulating, which may indicate that the end of the current bearish cycle could be on the horizon.
The above chart shows the Shiba Inu whale accumulation, which is spiking high. The price has failed to attract retail traders, but the whales appear to have been constantly accumulating the token at a discounted price. Hence, it may be a signal of the end of the prevailing bear market, which may pave the way for the bulls to lift the prices up toward the immediate resistance.
The soaring whale accumulation may be one of the important metrics, as more than 60% of the SHIB tokens have been held by the whales. This could be a good sign as the token may not witness a massive plunge, but it could also be a threat as the fear of ‘dump’ may be haunting the SHIB price rally. What’s next? Will SHIB’s price drop back towards the lower support below $0.000007?
The SHIB price, considering the recent fallout, dropped below the crucial decisive triangle and appears to be approaching the lower support around $0.00000945. The RSI is ranging in the lower ranges, but the ADX, which determines the strength of the rally, is bullish. Hence, the bulls may uplift the price from the lower support and elevate the price back above $0.00001 shortly.
However, the volume has plunged drastically, but the sellers still hold significant dominance. Therefore, the price may face an interim rejection after every short, which may be stopped only when the bulls regain their strength and elevate the price beyond $0.000015. Although the long-term projection of Shiba Inu (SHIB) price appears to be bullish, the current trade setup flashes the bearish interference to prevail for a while.