As bulls try to regain momentum, Shiba Inu has experienced a noteworthy short-term surge, adding over 510 billion tokens in high-volume activity. After recovering from the local support of $0.0000127, SHIB is currently trading at about $0.00001355. It has gained roughly 2.34% over the past day and is currently encountering resistance at $0.00001458, which is just below the 100-day EMA.
This bounce might be more important than it first appears despite its slight movement. After losing more than half of its value since the February peak, the asset is still technically in a downtrend when viewed over a longer period of time. Now, however, the 50 EMA is flattening out, and SHIB is constructing a higher low structure, which could indicate that the downtrend is waning. With its current RSI of 57, it is bullish but not yet overbought.
This allows for additional upside, but in order to confirm a more stable recovery path toward the $0.00001636 zone, the price needs to break and hold above the 100 EMA. What is causing the recent surge? The distribution matrix of holdings shows that institutional-sized addresses and whales are anything but quiet.
A total of 16.57% of the supply is held by the segment, with 601 wallets holding 100 billion to one trillion SHIB and another 16% held by an even smaller group, with only four addresses holding 10 to 100 trillion SHIB. Holding an astounding 41% of the total supply, the largest entity has more than 100 trillion SHIB. Given this high concentration, any sustained price movement is probably supported or restrained by large holders, who are either selling into strength or quietly building up.
card
The fact that the price is stabilizing while whale addresses continue to dominate, however, suggests that there is not an aggressive redistribution taking place, suggesting that the major players are either holding or reaccumulating on dips. For SHIB to continue its rally in the near future, it must overcome the $0.0000145 resistance. If not, it is likely that we will return to $0.000013 or even $0.000012. SHIB is making an overall recovery effort, but since whales are under control, expect gradual methodical movements rather than explosive pumps, at least for the time being.
