Shiba Inu Whales Gobble Up 10 Trillion SHIB as Prices Teeter on Edge of Descending Triangle

Shiba Inu whales just made a jaw-dropping 10 trillion SHIB purchase—while the meme coin's price charts scream 'danger ahead.'

Descending triangle or descending into oblivion?

The pattern's textbook bearish, but since when did crypto follow textbooks? Meanwhile, institutional traders are probably still trying to explain Dogecoin at their morning meetings.

Key AI insights

• Higher lows formed a subtle uptrend channel, suggesting accumulation at support levels and potential for continued upside momentum if $0.00001175 resistance is cleared.
• During the 60 minutes from 25 June 07:06 to 08:05, SHIB climbed from $0.00001169 to $0.00001171, representing a 0.2% gain.
• A significant price surge occurred between 07:25-07:27, with volume peaking at 12.36 billion SHIB as prices reached the session high of $0.00001175.
• Price action formed an ascending channel with higher lows, though a sharp correction at 08:03 tested the $0.00001171 support level, suggesting consolidation after the earlier rally.

Hourly chart

SHIB's recovery has stalled since Tuesday, with prices trading in what appears to be a descending triangle, characterized by a falling trendline and a horizontal support line.

A price move through the descending trendline WOULD signal a continuation of the recovery rally, exposing the June 16 resistance above $0.00001230. Conversely, a breakdown of the triangle would signal a bearish reversal lower.