Shiba Inu Price Ends 7-Week Downtrend After Whales Buy 1.6 Trillion SHIB – 40% Hike Ahead?

Shiba Inu (SHIB) has made an impressive breakout from a seven-week downtrend as most crypto prices recovered due to alleviated geopolitical tensions. Shiba Inu price trades $0.0000117 today, June 24, with an 8% gain in 24 hours, while daily trading volumes stood at $221 million. These gains have also coincided with a 1.6 trillion SHIB buy by whales. As bullish signs align, can SHIB price rally by 40% to the key resistance level?

Shiba Inu Price Ends 7-Week Downtrend

Shiba Inu price has been on a steep downtrend in the last seven weeks as sellers dominated the price action. However, it has now broken out of this downtrend, marking the major bullish shift for the top meme coin since early May. The breakout suggests that the bearish momentum is finally weakening and short-term bullish interest is returning to aid a recovery.

While this breakout is significant for SHIB, the strength of bulls will only be confirmed if the price can break above the 50-day SMA level of $0.0000134. A strong move above this will confirm that the trend is favoring buyers and traders chasing profits from short-term bullish rallies.

However, for Shiba Inu price to kickstart a long-term bullish trend, it first needs to flip resistance at the 200-day SMA level of $0.000016. If it gets to this moving average, it will have surged by nearly 40% from the current price.

The RSI indicator that remains within bearish territory indicates that buying pressure after the breakout from the descending parallel channel is weak. Until this indicator crosses above 50, SHIB remains at risk of a crash into the descending parallel channel to continue its descent.

Key Levels to Watch

Besides watching the SMA levels, the other main level to watch in Shiba Inu price is the PoC line that sits at $0.0000151. This line usually represents a pivotal point, where both buy-side and sell-side pressure is strong. If SHIB price crosses above this PoC, it will confirm a shift of the market structure from bearish to bullish.

The 61.8% Fibonacci level is also crucial to Shiba Inu’s rally. This Fib level stands at $0.000014, and if this meme token can overcome this resistance, it will also mark a shift in trend.

On the lower side, traders should watch the key demand level at $0.0000090. This zone serves as support because it kick-started a strong rally for SHIB price in early 2024. If this meme token fails to hold this support, it may trigger a downtrend.

Whales Scoop 1 Trillion SHIB

Whales could be gearing up for a bullish move to the upside as IntoTheBlock data shows that large holder netflows increased from 64 billion to 1.66 trillion within 24 hours. This shows that whale wallets increased their holdings by 1.5 trillion SHIB tokens during the day.

The ongoing whale accumulation also supports a bullish thesis for a Shiba Inu price prediction. This is because whales, unlike retail traders, employ sophisticated trading techniques, and they could be anticipating a strong move to the upside, hence the recent purchase.

In summary, the Shiba Inu price has ended a seven-week downtrend streak after recording one of its longest daily candles. If this uptrend continues, bulls could target a 40% rally to $0.000016 to confirm a full bullish reversal. Meanwhile, whales seem to be accumulating the dip as they purchased 1 trillion tokens yesterday.