Can Shiba Inu Price Really Explode 43% in June?

NOIDA (CoinChapter.com)— Shiba Inu’s (SHIB) recent price action has defied the wider crypto market trend, with the memecoin up by nearly 17% WTD to reach a daily high near $0.0000288 on May 30. Moreover, the token might be primed for more gains, according to the token’s technicals.

SHIB price has been on the rise recently, with the token spiking 23% from May 24’s daily low near $0.0000236. The Shiba Inu token’s price corrected after reaching its highest level since April 9 but has remained profitable over the past seven days.

Whales Bullish On Shiba Inu Price Prospects

The whale distribution chart for Shiba Inu tracks the percentage of SHIB coins held by various wallet sizes over the past few months, highlighting significant shifts in ownership that could be pivotal for the coin’s future price movements.

The data shows a consistent upward trend in holdings by the largest wallets, those containing more than 100,000,000 SHIB tokens. This group of Shiba Inu whales, represented by the red line, has steadily increased its share of SHIB, indicating a strong accumulation phase.

Such behavior highlights confidence in an asset’s long-term potential, suggesting that major holders or institutions are betting big on Shiba Inu’s future.

In contrast, smaller to medium-sized wallets, particularly those holding between 1,000,000 and 10,000,000 coins (represented by the brown line), have seen a notable decline in their holdings. This redistribution hints at a transfer of wealth from smaller investors to larger, more strategic players.

The significant decrease in this segment could imply that smaller holders are either consolidating their positions or cashing out, leaving more SHIB in the hands of those with greater market influence.

Furthermore, the stability observed in the wallets holding between 10,000,000 and 100,000,000 coins (black line) indicates medium to large holders are maintaining their positions, adding to the overall bullish sentiment.

These investors are likely waiting for the right market conditions to either increase their holdings or capitalize on anticipated price surges.

The behavior of these whale investors provides a bullish case for Shiba Inu. Large-scale accumulations by prominent holders often precede significant price movements. As these investors buy and hold more SHIB, the reduced supply for retail investors could drive up the price due to increased scarcity.

SHIB Price Pattern Breakout Highlights Traders’ Confidence

Meanwhile, SHIB price is currently breaking out of a technical setup called the ‘descending triangle.’

Market analysts predominantly consider the descending triangle a bearish continuation signal.

The configuration features a downward-sloping upper trendline, which gradually reduces the price action’s highs, and a flat lower trendline, which is a consistent support level the price finds difficult to break.

However, in certain cases, the pattern becomes bullish. For instance, if the pattern forms during an uptrend and the price breaks out above the upper trendline, it indicates a continuation of the bullish trend.

This is what is happening to SHIB prices after their somewhat weak breakout above the pattern. The Shiba Inu price painted a tentative breakout from the pattern on May 20, followed by a retest of the upper trendline as support.

However, the Shiba Inu price has rebounded again, suggesting strong trader confidence in the bullish continuation setup.

In this setup, the potential price target is typically gauged by the maximum height of the triangle at its widest point. Hence, confirming the bearish pattern might result in the Shiba Inu token dropping over 43% to reach the projected price target near $0.0000398.