The major meme coin Shiba Inu has shown a steady upward trend since June 22nd, recording a 22% price increase. As the meme coin continues to demonstrate resilience, on-chain indicators suggest that Shiba Inu's rally is not over yet.
Two key signals stand out: major capital clusters located above the current price level and a sharp increase in whale accumulation.
Shiba Inu, Capital Clusters and Whale Demand Set New Records... Preparing for Breakout
The SHIB/dollar daily chart shows the meme coin moving within an ascending parallel channel since June 22nd. This channel appears when an asset's price moves between two rising lines, indicating a consistent pattern.
Currently, Shiba Inu is trading near the upper line of this channel. The meme coin appears ready to break through this line as bullish sentiment rises. Two key on-chain indicators suggest this possibility in the near term.
First, Shiba Inu's liquidation heatmap shows a concentration of leverage positions and liquidity just above the current trading range of $0.00001607.
The liquidation heatmap identifies price levels with a high probability of leverage positions being liquidated. This map highlights high-liquidity areas, often distinguished by color to indicate intensity. Bright areas (yellow) represent a higher likelihood of liquidation.
Historically, when capital clusters form above an asset's market value, traders attempt to utilize these liquidity areas, drawing in short-term upward momentum. Thus, this can act as a price magnet, potentially pushing Shiba Inu higher to trigger liquidations and fill orders.
Additionally, Shiba Inu whale activity has significantly increased. According to IntoTheBlock, the net inflow of large holders owning over 1% of the circulating supply has surged by over 3,000% in the past month.
This aggressive whale accumulation suggests growing confidence in Shiba Inu's upward potential, confirming the possibility of continued price breakout.
Target Price at $0.00001671... Will Profit-Taking Halt the Uptrend?
Currently, Shiba Inu is trading at $0.0000151, just below the major resistance level of $0.00001556. Continued buying pressure could push the meme coin beyond this threshold to $0.00001578, the upper line of the ascending parallel channel.
Cleanly breaking this level could pave the way for a rally to $0.00001671. This movement could potentially record a new monthly high.
However, if accumulation slows and short-term traders shift to profit-taking, Shiba Inu risks losing momentum. A reversal could pull the meme coin down to the next support zone at $0.00001467. Thus, it could potentially erase some of the recent gains.
