Shiba Inu's Price Momentum Holds Amid Whale Selling Pressure
Shiba Inu's price momentum has held steady despite technical pressure from whale selling. The cryptocurrency, trading at $0.0000047, has seen a 2% price increase over the past week. While buyers remain in control with positive trend signals, volatility reached 12.64% this week.
The sixth anniversary of Shiba Inu brought heightened community engagement, including a $66,666 rewards initiative by LBank and the listing on OKX's MiFID-regulated X-Perps platform in Europe. On-chain activity spiked with over 800 million Shibarium transactions and notable token burns.
However, whale selling briefly weighed on price momentum at the start of the new week. The technical structure remains negative in the longer term, but immediate support sits at $0.00000459 from the 20-day moving average. Resistance is defined by the Ichimoku Kijun at $0.00000495.