- Whales bought 400B SHIB as large holder netflows jumped from 26B to 422B SHIB in 24 hours.
- Over 629B SHIB tokens were burned in one week, pushing the burn rate up by more than 1,700%.
- Analyst says SHIB price may hit $0.0000239 if it breaks $0.0000171 resistance and holds support at $0.0000103.
Shiba Inu price dropped by 1.79% on August 2, trading around $0.000012. However, recent whale accumulation and token burns are creating expectations of a recovery. An analyst suggests SHIB price could climb to $0.0000239, if key resistance levels are broken and current buying pressure is sustained.
Bullish Chart Patterns Suggest a Possible 36% SHIB Price Climb
Crypto analyst Joe Swanson has identified two bullish patterns on the Shiba Inu price chart. The first is a cup and handle, which began forming from May high to June low and the July peak. SHIB recently hit $0.00001597 before pulling back, which Swanson views as the handle part of the pattern.
He stated, “This current correction fits the cup and handle structure. It may indicate the SHIB price is ready for the next move up.” This pattern is often used to predict a price continuation after a brief pause.
Joe Swanson also noted a double bottom pattern, with support at $0.0000103. If SHIB price holds above this level and moves past $0.000017, the pattern could confirm a reversal. A breakout may lead to a 36% rise toward $0.0000239.
Source: X
However, if the SHIB price falls below $0.0000103, the bullish setup could fail. With whale buying and increased token burns, technical signals still suggest a possible recovery.
Whale Accumulation and Token Burns May Support SHIB Price Recovery
Shiba Inu whales have increased their holdings significantly. Data from IntoTheBlock shows that large holder netflows jumped from 26 billion to 422 billion SHIB price in just 24 hours. This means about 400 billion SHIB were added by major investors during a market dip.
Such buying by large holders reduces the supply in circulation and may support a possible price recovery. Analysts view this type of activity as a sign of growing confidence during a decline.
Meanwhile, the SHIB burn rate also surged. Over 629 billion tokens were burned in the past week, with the burn rate rising by more than 1,700%. Combined with whale purchases, over 1 trillion tokens have been removed from the market.
Source: IntoTheBlock
With fewer tokens available and demand from large buyers increasing, the market may be setting up for a short-term rebound. Traders are following these developments closely for possible price movement.
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