The price of Shiba Inu (SHIB) is currently testing the resistance level of $0.00001434 following a sharp increase in whale accumulation. In the last 24 hours, large wallet holders purchased 1.81 trillion SHIB, reflecting a renewed interest from institutional investors.
Increase in Accumulation Among Large Holders
Large wallets holding over 0.1% of the total supply of SHIB significantly increased their purchasing activities, recording a 1,247% increase compared to a month ago. This rise in concentration among big holders tends to contribute positively to price action.
Resistance Levels and Potential Price Movements
The resistance for SHIB is between $0.00001388 and $0.00001434. A breakout above this level could lead to upward movements towards the next target of $0.00001513. Conversely, failure to breach these resistance levels may trigger a brief consolidation with initial support at around $0.00001386.
Optimism and Long-Term Forecasts
Analysts note continued positive market sentiment as large investors increase their exposure while showing minimal selling activity. The next resistance target for SHIB in the short-term is $0.00001718, with potential moves back towards $0.000018 and a high of $0.00003324 in December. Long-term estimates suggest SHIB may reach the $0.0001 level.
Overall, the sharp increase in accumulation among larger holders and positive technical indicators suggest potential further growth in the price of SHIB, fostering optimistic expectations among market participants.