Shiba Inu (SHIB) has captured the market's attention as large-scale investors, often referred to as whales, initiated a significant buying spree following a steep price decline. The popular meme coin saw its value plummet to a 16-month low of $0.00001005, a level not seen since early 2023. This dip, however, was perceived as a prime buying opportunity by deep-pocketed investors. According to analysis from KookCapitalLLC, these whales accumulated an astonishing 10.4 trillion SHIB tokens, valued at over $110 million, on a single Monday. This marks the most substantial daily whale accumulation for SHIB in the last five months, signaling strong conviction at these lower price levels. The market immediately responded to this massive inflow of capital, with SHIB's price rebounding by as much as 17% from its trough. This recovery aligns with a broader stabilization across the cryptocurrency market, which had been shaken by geopolitical tensions over the weekend. Bitcoin (BTC), for instance, has reclaimed ground, recently trading above $109,000 after a brief dip.

SHIB Price Analysis: Conflicting Technical Signals Emerge

From a technical standpoint, the SHIB/USDT pair is presenting a complex but fascinating picture for traders. On the one hand, a bullish case is building on longer timeframes. The price action in the seven days to June 29 formed an "inside week" candle. This pattern, characterized by a weekly trading range that is completely contained within the prior week's range, often signals market indecision and a potential pause in the prevailing trend. Given that SHIB has been in a downtrend for weeks, dropping nearly 27% since mid-May, the appearance of an inside week candle is a classic sign of seller exhaustion. This suggests the downward momentum is waning and creates the potential for a significant price reversal to the upside. The whale accumulation further bolsters this bullish long-term outlook, as it indicates that major players believe the asset is undervalued.

Navigating the Descending Triangle

On the other hand, shorter-term charts reveal a more cautious setup. Since Tuesday, SHIB's price has been consolidating within what appears to be a descending triangle pattern on the hourly chart. This pattern is defined by a flat support line and a downward-sloping resistance trendline. While it can resolve in either direction, it is often considered a bearish continuation pattern. The key horizontal support for this pattern is holding firm, but the series of lower highs indicates persistent selling pressure. A decisive breakout above the descending trendline is required to invalidate the bearish implications and confirm a continuation of the recovery rally. Such a move would likely target the June 16 resistance level above $0.00001230. Conversely, a breakdown below the triangle's support would signal a resumption of the downtrend, potentially retesting the recent lows.

Trading volume provides crucial context to these patterns. During a 24-hour period from June 24 to June 25, significant volume support was established at the $0.00001158 level, with trading volume hitting 439 billion SHIB, far exceeding the daily average. More recently, on June 29 between 21:00 and 22:00, SHIB broke out of a consolidation pattern on volume that was 5.8 times the average, establishing a high-volume resistance point at $0.00001198. As of the latest data, SHIB is trading at approximately $0.00001212, showing a 6.5% gain in the last 24 hours. Traders are now closely watching the interplay between the bullish whale activity and the weekly candle against the cautionary short-term descending triangle. A break above the immediate resistance could trigger a rapid move higher, fueled by the sidelined capital that has been waiting for a clear bullish signal.