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Shiba Inu (SHIB) Whales Accumulate as Price Shows Signs of Recovery
Gate News bot 消息，06月30日，Shiba Inu (SHIB) market is showing signs of recovery, with whale accumulation and an "inside week" candlestick pattern suggesting a potential price rebound.
According to TradingView data, SHIB's price has fallen nearly 27% since mid-May to $0.00001160, briefly touching a 16-month low of $0.00001005. However, this dip has prompted "whales" to buy the dip. CoinDesk's AI insights reveal that these entities have recently purchased 10.4 trillion SHIB tokens, worth approximately $110 million.
Meanwhile, SHIB's price has rebounded 11% in the seven days leading up to June 29, forming an "inside week" candlestick pattern, indicating a pause in the downtrend. This pattern occurs when a weekly candle's trading range is completely contained within the previous week's range, suggesting hesitation from both buyers and sellers.
Analysts note that such a candlestick formation following a long-term downtrend, as in SHIB's case, often indicates seller exhaustion and potential price upside.