Shiba Inu currency rebounds, whale holdings surge by 310 billion SHIB

Shiba Inu rebounds, whale holdings add 310 billion SHIB

On Monday, Shiba Inu (SHIB) prices edged higher, rebounding from key support levels of around $0.00000462. This trend has attracted renewed attention from large holders and retail investors, with indicators from both the chain and derivatives markets showing increased demand.

Whales expand their SHIB positions, exchange supply declines

Large SHIB holders (commonly called whales) have gradually rebuilt their positions in recent days. Data from blockchain analytics platform Sanitation showed that the largest non-exchange SHIB wallet held 533.41 trillion tokens on Sunday, up from 533.10 trillion on Tuesday. The increase in the holding of approximately 310 billion SHIBs shows that Whales are transferring more tokens to private wallets, reflecting confidence in the long-term prospects of the asset.

Meanwhile, the SHIB balance on cryptocurrency exchanges fell to 138.74 trillion on Monday, down from Friday's peak of 138.96 trillion. Falling exchange balances are often seen as a positive signal, indicating less supply available for immediate sale.

Taken together, the increase in non-exchange balances and the decline in exchange positions suggest that large investors may be shifting their focus to long-term accumulation rather than short-term trading.

Sanitation also recorded a significant increase in tail whale trading activity last week, with 10 SHIB transfers exceeding $1 million on Friday. Although large transactions may involve sales or internal transfers, the continued decline in exchange supply provides some evidence that accumulation rather than distribution is currently occurring.

When large holders move SHIBs into private wallets and total exchange supply decreases, this may indicate that whales are more confident in Shiba Inu's recovery from current levels. Continued whale buying could absorb available supply and help SHIB maintain its rally near current support areas.

Derivatives markets show rising bullish sentiment

Speculative demand for SHIB in futures markets remains strong. CoinGlass data showed that open interest in SHIB futures increased by 4% in the past 24 hours to $31.71 million. A rise in open interest often reflects traders opening new positions and putting more money into the asset, which may signal increased confidence in an upward trend.

Meanwhile, the funding rate for SHIB jumped from 0.0014% on Friday to 0.0100% on Monday. Positive funding rates mean long positions are paying short positions, indicating that bullish positions are becoming more popular among derivatives traders.

Although rising funding rates highlight positive sentiment, excessive bullish sentiment could put the market at risk-and could trigger a bull squeeze if the trend reverses quickly. For now, the combination of rising open interest contracts and positive funding rates provides moderate bullish support for SHIB's short-term prospects.

Mini Dictionary: Open interest refers to the total number of derivative contracts (such as futures or options) that have not yet been settled. The higher the open interest, the greater the market participation and liquidity.

SHIB Price Outlook: Double-bottom pattern attracts attention, key resistance and support levels

Shiba Inu reversed from US$0.0000462 during the day and began to form an early structure of a potential double bottom pattern-a bullish pattern that marked the second time key support areas were held. The pattern's neckline is at $0.0000506, Tuesday's high.

If the daily closing price decisively breaks through US$0.0000506, it will confirm a double bottom pattern and increase the possibility of a continued rebound. However, before this level is overcome, the pattern has not yet been confirmed and any gains may face the risk of reversal.

There are differences in kinetic energy indicators. The Relative Strength Index (RSI) rose slightly to 51, slightly above the neutral median line, indicating that bullish momentum is initially recovering. But the Moving Average Convergence and Divergence Indicator (MACD) line remains below the signal line, and the bearish bar chart is expanding-a sign that caution is still needed.

If SHIB breaks through US$0.0000506, the next key target level is the 50% Fibonacci retracement level of US$0.00000538. This level constituted resistance during the price rally at the end of July; a breakthrough could intensify buying activity and could push SHIB into higher resistance areas.

Key levels:

US$0.0000462-Immediate support, double bottom

US$0.0000506-Double-bottom neckline, key resistance

US$0.00000538 - 50% Fibonacci retracement level, End-of-July high

US$0.0000405-Fibonacci anchor, previous band low

If the price falls below US$0.0000462, it will negate potential bullish patterns and increase downside risks to US$0.0000405. As long as whales continue to accumulate and derivatives traders remain active, the SHIB may maintain a moderate rebound tendency, but further confirmation of a breakthrough of $0.0000506 is needed to signal a more sustainable upward trend.

The momentum indicator sends contradictory signals, highlighting the need to confirm a breakthrough of US$0.0000506 to strengthen SHIB's bullish prospects.