- Shiba Inu plunged 12%, dropping from $0.000015189 to $0.000014130 amid heavy market panic.
- Whales bought 4.66 trillion SHIB tokens during the crash, signaling strong institutional confidence.
- Price is hovering around key resistance at $0.0000142, with the chance of a breakout dependent on volume and sentiment.
Shiba Inu suffered a steep 12% drop recently, plunging from $0.000015189 to a low of $0.000014130. The decline sent shockwaves across the market, prompting concern among retail traders. However, whale investors seized the opportunity, accumulating 4.66 trillion SHIB during the price collapse.
Trading activity exploded during this sharp correction, with volume reaching 4.33 trillion tokens. This figure significantly surpassed historical averages, suggesting heightened market interest. Despite the panic, whales accumulated aggressively near the $0.000014060 support, a move interpreted as a show of institutional-level confidence.
Analysts are now considering the $0.000014060 region as one possible accumulation zone for future gains. The abrupt decline also took its toll on SHIB’s burning mechanism, with the burning rate crashing over 95% within 24 hours.
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Price Nears Key Resistance at $0.0000142
In spite of the drop in the burn rate, accumulation by whales has proven to be a good bullish sign. Information indicates that the major investors purchased 4.66 trillion tokens during the crash as they showed quiet optimism. Investors are now keen on the possibility of this accumulation sparking a lasting upswing.
Shiba Inu’s price action currently hovers near major resistance at $0.000014200. This level has rejected several attempts at recovery, making it a pivotal zone. A breakout above this resistance would boost bullish sentiment and likely ignite a stronger upward move across the meme coin space.
Shiba Inu Eyes Bullish Breakout Potential Soon
The technical outlook for SHIB remains mixed. As the price slipped below its 200-day simple moving average, it remained above the Ichimoku cloud, a sign of latent bullish construction. Maintenance of this cloud support could become the basis for the eventual breakout when the volume and sentiment are back in place.
For the time being, resistance at $0.00001450 and support at $0.00001350 are important battlegrounds. A breakout above resistance could legitimize whale bets and pave the way to a rally. On the other hand, a breakdown through support could set off additional losses and weed out weak hands.
Despite recent volatility, the convergence of whale buying, increased volume, and support above the Ichimoku cloud keeps SHIB as a candidate for the next upswing. Should sentiment turn bullish and technical levels get into place, Shiba Inu may regain momentum and attempt another bullish breakout soon.
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