Shiba Inu Looks to Leverage 4.29T SHIB Whale Volume for a Rebound

Shiba Inu has recently seen whale trading volumes surge to 4.29 trillion SHIB and is looking to leverage this to recover from the recent price drop.

As bearish pressure subsides, several crypto assets are finding their way to recovery. Shiba Inu Partthe token has seen a notable increase in whale trading in general. Interestingly, this surge in whale trading coincides with a surge in bulk purchases.

SHIB: Whale purchases increase

SHIB may be looking to capitalize on this trend to drive its own recovery. according to According to data from IntoTheBlock, Shiba Inu saw an increase in transactions worth at least $100,000 on July 6. These transactions reached a new daily high of 4.29 trillion SHIB, the most in nearly two weeks.

SHIB Large Transaction Volume IntoTheBlock
SHIB Large Trading Volume | IntoTheBlock

Such concentrations of whale trading could indicate a surge in buying or selling activity, but further data is needed. confirm The overall trend was generally bullish. Notably, on-chain data showed that bulls raised up to 4.24 trillion SHIB on July 6, while bears sold 4.18 trillion SHIB, leading to excess demand of 48.67 billion tokens.

Shiba Inu Bull and BearShiba Inu Bull and Bear
Shiba Inu Bull and Bear | IntoTheBlock

Additionally, over the past week, the Shiba Inu market has seen trading activity by 127 bears (investors who sold more than 1% of the 24-hour trading volume), while the market has recorded trading by 133 bulls (investors who bought more than 1% of the 24-hour trading volume).

This increased purchasing pressure is Shiba Inu ExchangeNotably, Shiba Inu Exchange’s holdings reached 146.231 trillion SHIB tokens on July 1. This figure has since decreased to 143.714 trillion SHIB. show Investors withdrew SHIB 2.517 trillion from exchanges in July.

SHIB Exchange ReserveSHIB Exchange Reserve
SHIB Exchange Reserve | CryptoQuant

Attention Shiba Inu Level

Moreover, complementing this bullish trend is the MACD line rising above the signal line, especially as this event occurred on July 5th, signaling a momentum reversal from bearish to bullish. As a result, Shiba Inu has reclaimed the 0.236 Fib and is currently at $0.00001650.

SHIB is currently trading at $0.00001660 at the time of reporting. The next target is the 38.2% Fib retracement which coincides with $0.00001897, which will be the last obstacle to a recovery to the $0.000019 price area. If Shiba Inu captures this area, increased demand could trigger a rise to the Fib 0.5 at $0.00002096.

Shiba Inu MACD and Fib RetracementShiba Inu MACD and Fib Retracement
Shiba Inu MACD and Fib Retracement

Interestingly, several analysts expect Shiba Inu to eventually reclaim its yearly high of $0.000045 during the recovery. predicted last week SHIB’s accumulation is nearing the end and it will eventually rise to $0.000045. WebTrend Analytics also noted: Projected Back to $0.000045.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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