Shiba Inu whales (c-19) began chasing trades at the start of this week after prices dropped to a 16-month low of $0.00001005.

According to CoinDesk's AI research, whales bought 10.4 trillion of tokens (c-44).

With a value exceeding $110 million, on Monday, recording the largest daily accumulation in five months.

Whale activity likely contributed to the cryptocurrency's price increase of 17% from its 16-month low reached on Sunday. Notably, the broader cryptocurrency market has stabilized after the initial shock reaction to tensions in the Middle East. The last trade of Bitcoin, which fell below $100,000 over the weekend, was near $106,000.

Market data indicates that (t-57) maintains an overall positive position, with rising bottoms forming a light upward trend channel. The coin received significant support in terms of trading volume at the level of $0.00001158 during the 24 hours from June 24 at 9:00 AM to June 25 at 8:00 AM, where trading volume surged to $439 billion, far exceeding the daily average.

This accumulation at support levels suggests the potential for continued upward momentum if the resistance level of $0.00001175 is decisively surpassed. As of this writing, trading (c-29) was around $0.00001162 on major exchanges, according to CoinDesk data.

Key insights on artificial intelligence

The rising bottoms formed a light upward trend channel, indicating accumulation at support levels and the potential for continued upward momentum if the resistance level of $0.00001175 is surpassed.

During the 60 minutes from June 25, 7:06 AM to 8:05 AM, the price of SHIB shares rose from $0.00001169 to $0.00001171, marking an increase of 0.2%.

The price of SHIB saw a significant increase between 7:25 and 7:27 AM, with trading volume peaking at 12.36 billion SHIB shares, as prices reached a session high of $0.00001175.

The price action formed an upward channel with higher lows; however, a sharp correction at 8:03 AM tested the support level at $0.00001171, indicating price stabilization after the previous rise.

Hourly chart

The recovery of SHIB has stalled since Tuesday, with prices seemingly trading in a descending triangle characterized by a downward trend line and a horizontal support line.

The price breakout from the downward trend line indicates the continuation of the recovery wave, revealing a resistance level on June 16 above $0.00001230. Conversely, the triangle breakout suggests a bearish reversal.