Shiba Inu Whales Spark Speculation Amid Key Support Defense

Shiba Inu's price action is currently being tested by traders as it defends its key support level of $0.000020.

This level has historically acted as a strong demand area for SHIB, with multiple bounces observed over the past year.

The Relative Strength Index (RSI) is hovering near oversold territory, which sometimes precedes a price bounce, but the Moving Average Convergence Divergence (MACD) remains bearish, suggesting that selling pressure is not yet exhausted.

Whale activity on-chain data suggests possible accumulation, with large SHIB transfers to private wallets observed over the past week. However, these movements can also indicate exchange deposits, which often precede selling.