Shiba Inu Bounces from Key Support Zone Amid Whale Accumulation
Shiba Inu has shown signs of strength after weeks of selling pressure. The token bounced from a critical support zone near $0.00000462, which represents the 78.6% Fibonacci retracement of its recent price move.
The rebound also resembles the early stages of a double-bottom pattern, with traders watching the $0.00000506 neckline for confirmation. A sustained move above this level could strengthen the bullish setup and target the psychological $0.00000500 area first, potentially leading to a stronger push toward $0.00000538.
Large holders, or whales, have started accumulating SHIB again, with Santiment data showing an increase in their exposure. Exchange balances also provide an encouraging signal for bulls, as SHIB held on exchanges fell to 138.74 trillion tokens Monday, down from 138.96 trillion on Friday.