Whales quietly accumulate 6.57 trillion SHIB, and two price targets emerge!

As Bitcoin rises, the market gradually stabilizes. Shiba Inu showed admirable resilience, soaring 16% on July 6. Although it has since fallen back, the price of SHIB has remained above $0.00001266. Now, the price has rebounded 29% from the low.

Nevertheless, the road to recovery has not been smooth. Shiba Inu has been consolidating for some time. Interestingly, according to a recent report by The Crypto Basic, whales have quietly accumulated 6.57 trillion SHIB in the past month. And data from Santiment shows that Shiba Inu has slightly decoupled from the altcoin market during this frenzy of buying.

Meanwhile, data from CryptoQuant shows that investors continue to withdraw SHIB tokens from exchanges. Notably, market participants have withdrawn 6.8 trillion SHIB last month, bringing Shiba Inu's reserves on exchanges to a record low of 144 trillion tokens.

Now, Shiba Inu is looking to capitalize on this bullish momentum and make a big recovery on the strength of the market. But before this dog-themed asset can start to rally, it first needs to stand firmly above $0.00001681. This price level is the 20-day SMA line and is also a key point to turn from bearish to bullish.

Once it breaks through the 20-day SMA, SHIB will also need to break through the upper Bollinger Band ($0.00001862) to confirm the upward momentum. After achieving this goal, Shiba Inu’s first recovery target will be the 38.2% Fibonacci retracement level, which is $0.00002527.

This area is an important resistance point, with 108,060 addresses buying 77.08 trillion SHIB at an average price of $0.000022. After breaking through this area, Shiba Inu’s next target is the 61.8% Fibonacci retracement level, which is $0.00003301. Data shows that there are 139,110 wallets holding 17.83 trillion SHIB, with an average price of $0.000033, which will be a major resistance point.

The last target is this year's peak of $0.000045. Once this point is broken, SHIB is expected to hit a new high. Interestingly, the resistance in this area is relatively weak, with only a supply wall of 9.69 trillion SHIB.

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