Shiba Inu (SHIB) Price Surges 12% as Whales Accumulate and Market Optimism Spills Over

The Shiba Inu price has surged nearly 12% since Oct. 28 before the rally cooled down on Oct. 30. The token likely rode the wave of bullish

The Shiba Inu (SHIB) price has surged nearly 12% over the past few days, showcasing strength in the broader crypto market rally. On-chain data reveals increasing interest from medium-sized investors and a spike in whale accumulation, while traders show confidence in SHIB’s bullish breakout. Here’s what the latest signals and a bullish technical setup suggest for SHIB.

Shiba Inu Price Surges Nearly 12% In Latest Rally

The meme-coin has shown resilience in the recent crypto market rally, surging nearly 12% over the past few days. SHIB began consolidating around $0.000021 on Oct. 28 before the latest leg up.

After surging to highs of around $0.000023 on Oct. 29, the token cooled down slightly, trading at $0.0000229 at the time of writing. Despite the minor pullback, SHIB is preparing for another bullish wave.

Key On-Chain Signals Point To Bullish Potential

Recent on-chain data shows key bullish signals for SHIB, particularly in whale activity and futures market dynamics.

According to Santiment data, wallets holding between 1,000,000 and 10,000,000 SHIB coins have steadily increased their holdings over the past few weeks. This activity suggests increasing interest from medium-sized investors in SHIB’s latest rally.

Furthermore, a slow recovery in holdings by whale wallets (100,000,000 to 1,000,000,000 SHIB) points to possible consolidation before a larger move. This observation aligns with the stalled並み動き in holdings by the top 10 SHIB wallets, which have shown little change.

Meanwhile, Coinglass data highlights a strong surge in SHIB futures open interest (OI), which jumped from under $10 million to around $30 million on Oct. 29. This spike in OI, coupled with positive funding rates, indicates that traders are predominantly taking long positions on SHIB, signaling confidence in a bullish breakout.

These combined indicators suggest that SHIB’s recent gains may be supported by strong whale activity and increasing trader interest,ポジティブな資金レートが物語をさらに強化し、先物市場におけるロング取引のプレミアムの上昇を示唆している。

bullish setup could help add bullish cues for the SHIB USD pair, especially after the token’s correction on Oct. 30. The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.

The significance of this pattern lies in the potential for a breakout. A surge in trading volume as the price nears the resistance level typically confirms the likelihood of a breakout above it.

In this case, the ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the SHIB USD pair. This technical setup provides a clear framework for assessing potential price movements in the near term.

In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For the Shiba Inu token, this calculation suggests a price target near $0.0000309, a 65% spike from the current level.