Shiba Inu Price Hovers Near Key Resistance Amid Whale Buying

The Shiba Inu cryptocurrency has been experiencing contradictory signals in recent days. Despite some whale buyers adding 10 billion tokens to their holdings, SHIB still faces selling pressure and struggles to build real strength.

According to market data from CoinGecko, the current price of SHIB is $0.00000590, up 1.7% over the past 24 hours. The coin's market capitalization stands at $3.48 billion, and it ranks #36 in terms of market cap.

The top 10 SHIB whales added a significant amount to their holdings within 24 hours, which is worth approximately $59,000 at today's price. However, this buying activity is relatively small compared to the coin's circulating supply.

Technical analysis suggests that SHIB has been moving inside a descending triangle on its 4-hour chart. A recent push above the falling trendline near $0.00000580 could be a bullish signal, but it is not yet confirmed and the move may be at risk of being rejected.