Shiba inu (Shib) Whales increased their sales as cryptocurrency price recovery seemed to gather steam next to a futures market activity. The path of at least resistance will still appear on the higher side.
Shib, the world’s second largest meme token by market value, exchanged above the 23.6% Fibonacci retracement of May-June as a writing, up to 1% on a 24-hour basis, according to Coindesk data.
Division
Prices get more than 5% a week in conjunction with bullish signals from key indicators such as the 14-day relative power index. The momentum Oscillator crossed the bullish territory above 50 for the first time since May 23.
Supporting the bull case is volume numbers, which exceeds the sun -average of 307.5 billion tokens during the recent stages of price recovery, according to data monitored by CoinDesk’s AI research.
Open interest increases as whales sell
Meanwhile, the open interest in the eternal futures listed in Binance has passed 7 million shib marks on the first time since May 23, according to Velo’s data source. The uprising, accompanied by positive funding rates, suggests an increase in investor’s interest in betting on the ongoing prices.
The climb, however, can be challenged by the whale and insider moving trillions of coins in exchanges, with ten purses that control over half of the total token supply.
Key ai insights
- Zone support at $ 0.00001172- $ 0.00001175 attracts interest to buying high volume.
- Resistance to $ 0.00001196 caps upside down moving with a similar return.
- The volume exceeds 307.5 billion tokens daily average at the recovery stage.
- Intraday High $ 0.00001195 represents 1% gain from the open session.
- 7.25 Billion Token Volume Spike Mark Resistance Test during Breakout attempt.
(Denial: Parts of this article were formed with assistance from AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.)
