Unexpected Whale Action! SHIB Surges Out of the Abyss - Prepare for Breakout?

Shiba Inu has avoided a scary price slide into the zone after bouncing back and trading around $0.00001173. This bounce back has drawn attention as it coincides with a sudden surge in whale-level transactions, signaling potential changes in sentiment. On June 23, SHIB recorded a +1.38% increase, closing with a strong green candle marking a clear bounce back from the recent lows. It bounced back right on the established support zone, and during that time, the buying side found an opportunity to re-enter the market. This action has helped ensure that the token does not dive deeper into the psychologically dangerous zone. Next, the focus is shifted to the 26-day exponential moving average, approaching $0.00001221. This is one of the strongest support levels and has been a key level in many price surges. Once surpassed, it will support short-term bullish momentum, push the price up, and come into contact with the 50-day EMA, potentially aiming for $0.000013.

To add more drama to the bounce back, a strong increase in activity on the chain of large holders has also appeared. According to IntoTheBlock data, on June 23, nearly 4.13 trillion SHIB was traded in whale transactions, the largest number of transactions in the past 30 days. Such a dramatic increase often indicates a quiet accumulation or new confidence of prominent market players. Whale Activity Sparks Speculation While Technical Barriers Still Exist The participation of whales often signals a change in position in uncertain market conditions. However, the recent price increase of SHIB has not yet surpassed key resistance levels, making traders cautious. Despite the whale activity, the token continues to trade below the 100 and 200-day EMA zones. These mid-term indicators indicate a continued downward trend. Unless there is a solid breakthrough above these levels, any short-term price bounce back may only exist briefly. In addition, SHIB has not yet formed a pattern of lower highs or upward price pressure. The recent bounce back may be considered a temporary relief until such a structure is formed instead of a complete change in trend. Shiba Inu's escape from further losses and increased whale activity bring short-term optimism. However, significant resistance levels must be broken before a sustainable price bounce back can form.