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SHIB SHIB is technically under pressure, with whale accumulation providing support
SHIB is still in a bearish position, with prices trading in a downward channel that continues to narrow and below the main moving average. Despite depressed market sentiment, whales (large holders) continue to accumulate, which helps reduce selling pressure. July lacks a consistent seasonal trend, so channel breakthroughs will be the key to determining the future direction.
SHIB faces key technical tests
SHIB is currently trading at approximately US$0.00000421, up slightly during the session. The weak rebound comes after a difficult month in which almost a quarter of the market value evaporated. Prices remain trapped in the downward channel that has dominated the trend since May. All major moving averages remain above current prices. This structure confirms that the seller still has the upper hand. The 20th, 50th, 100th and 200th moving averages all point to lower lows. The SuperTrend indicator is also still above prices. Together, these signals indicate that bearish momentum still dominates the market. However, another pattern is also worthy of attention: the downtrend channel has continued to narrow in recent weeks. The current price is close to the support level of US$0.0000400 on the lower edge of the channel. This compression usually means stronger market volatility once buyers or sellers gain control. The direction is unclear, but volatility may return soon.
Derivatives data show caution. Trading volume fell 6.5%, while open interest fell more than 17%. These declines suggest that many traders are closing positions rather than opening new positions. The long-short ratio is also almost completely balanced, with neither long nor short positions currently showing strong confidence. Liquidation data also reflects a similar situation, with the total liquidation amount less than US$44,000 in the past day.
Whale accumulation maintains long-term hope
Despite weak technical signals, blockchain data provides a more optimistic perspective. Between June 25 and 29, large investors withdrew approximately 781 billion SHIBs from exchanges. Transferring tokens into private wallets usually means reducing the available supply of selling orders. Such buying rarely triggers an immediate rebound. However, in difficult market times, strong accumulation often helps stabilize prices. This pattern was evident throughout June. Although the total market value of the memin sector fell by about one-third, SHIB avoided a deeper collapse despite a 24% decline that month. Continued whale demand likely helped cushion further downward pressure.
There is limited support for recent contributions from token destruction activities. Monthly destruction increased only slightly, while weekly destruction declined after a brief surge in late June. The current destruction trend is still too unstable to affect price trends. Historical performance also provides limited reference. Over the past few years, July has seen both strong gains and sharp declines, with average returns almost flat. Therefore, seasonal trends lack obvious advantages for both buyers and sellers. SHIB was in a tight technical range at the beginning of July.
