Dog-themed cryptocurrency Shiba Inu (SHIB) could be gearing up for a potential reversal, as new on-chain data indicates whale accumulation.
According to IntoTheBlock, large holder netflows for SHIB have increased by 207%, indicating a shift in sentiment among whales, or large holders.
SHIB whale activity has jumped in the last 24 hours, with the volume of large transactions (more than $100,000) increasing by 80.80% to $14.43 million. Spikes in large transactions typically imply increased whale activity, either buying or selling. This might hint at large holders’ positioning as the market awaits clarity, typical of whale behavior accumulating at a discount during periods of declines or consolidation.
Shiba Inu has been impacted by the recent volatility in the market; following a continuous slide to lows of $0.00001005 on June 22, Shiba Inu rebounded to $0.00001192 on June 22, where it encountered resistance.
Shiba Inu’s price is currently fluctuating around $0.000011, trading in a range between $0.000011 and $0.00001192 since June 24. At the time of writing, SHIB is up 2.11% in the last 24 hours to $0.00001136.
Markets await macroeconomic triggers
With no other catalyst anticipated, the markets are broadly waiting for macroeconomic triggers for the next major move.
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The Fed is contemplating its next move on interest rates; the central bank is widely expected to keep interest rates unchanged at its late July meeting. However, a few officials have recently advocated for a cut as long as inflation data shows moderate pressure.
If broad buying pressure returns to the market, Shiba Inu would aim to decisively breach above its daily moving averages 50 and 200 at $0.00000132 and $0.0000157 to kickstart a fresh move that would target $0.000023. On the other hand, support stays at $0.00001, which prevented SHIB from adding a zero to its price tag in recent market declines.