Shiba Inu (SHIB) Shows Clear Pattern: Large Investors May Be Quietly Accumulating Tokens

Recent on-chain data for Shiba Inu (SHIB) shows a clear pattern: large investors may be quietly accumulating tokens.

Shiba Inu (SHIB) price may be attempting to form a bottom and technical indicators are showing a potential for the token to continue moving up, with the next resistance level at $0.00001550.

Shiba Inu Is Now Showing Higher Lows

After a strong rally earlier this month, SHIB price stalled at the Fib 1.618 at $0.00001700 and pulled back. It is now testing the Fib 1.272 at $0.00001550 again. A break above this level could continue to target the Fib 2.0 at $0.00001650 and the Fib 2.272 at $0.00001720.

On May 24, SHIB price bounced off the Fib 0.5 at $0.00001320 and started rallying. This move saw the token testing the Fib 1.618 at $0.00001700 on May 17.

After pulling back from this resistance, SHIB price is now forming a consolidation range between the Fib 0.618 at $0.00001400 and the Fib 1.272 at $0.00001550.

The RSI is currently neutral at 48.48, indicating no immediate overbought or oversold conditions.

The price structure is showing higher lows since the May 24 bottom, suggesting mild bullish divergence and potential for further upward movement.

Key Levels To Watch

To summarize, here are some key levels to watch for SHIB price in the upcoming trading sessions:

* Support: $0.00001400 and $0.00001320

* Resistance: $0.00001550 and $0.00001700

If SHIB manages to break through the $0.00001550 resistance on strong volume, it could continue targeting the $0.00001650 and $0.00001720 levels. However, if the token falls below the $0.00001400 support, it might retest the $0.00001320 support level.