Shiba Inu remains in support around $0.0000117 to $0.0000119 level
As seen on its daily chart, Shiba Inu remains supportive around the $0.0000117-$0.0000119 level, holding above this level since May 15th. As the price appears poised for incoming price movement, the daily RSI is tilting slightly higher above oversold levels, suggesting the possibility of a short-term move.
Meanwhile, Shiba Inu continues to trade in a triangle pattern with support near $0.0000087, according to its weekly chart. With the imminent constriction of the triangle pattern in the coming days, a major move might be underway. If history repeats itself, Shiba Inu might embark on sideways trading, or consolidation, before its next move.
At press time, SHIB was trading down 3% at $0.0000123 after setting intraday highs at $0.0000127. Buyers appear to be looking for potential entry points into the market as the same cryptocurrency trades below the $0.000014 mark.
Shiba Inu returns among most purchased tokens by whales
As reported by WhaleStats, Shiba Inu returned among the top 10 most purchased tokens by the 2,000 biggest ETH whales today. The meme cryptocurrency also remains one of the top 10 in terms of trading volume. A WhaleStats analysis of the top 100 Shiba Inu holders demonstrates a 409% increase in volume.
During periods of market consolidation and decline, whales usually take the opportunity to buy tokens at a discount. An Ethereum whale named “BlueWhale0073” recently purchased 375,977,961,547 SHIBs worth $4,568,132.
According to WhaleStats, Shiba Inu remains the second-largest holding of the top 1000 ETH whales, who now “hodl” $740,126,401 worth of Shiba Inu.
Shiba Inu has gained nearly 20,000 owners since early May. According to WhaleStats, the total number of SHIB holders is currently 1,169,694.
