Tue. Jul 5th, 2022

ShibArmy today appears to be quite passive as SHIB price is lagging behind the required momentum. SHIB price rejects at $0.000025 after trying quite a bit to hold these key levels. However, the current buying volume seems to be in favor of the asset. And so a quick rebound may be fast approaching. Therefore, the possibility of the asset rising high by breaking through the descending parallel channel appears to be imminent.

As mentioned, the SHIB price’s recent attempt to break out through the parallel channel failed. However, the asset continues to float near the upper bands of the channels. And thus, after a brief buildup of strength at these levels, a strong breakout seems imminent. In worst cases, if the bears dominate, a slight pullback into the mid-ranges can occur. Otherwise, the odds of the asset reaching high to test the overhead resistance at $0.00002745 remain high. However, on the other hand, SHIB accumulations are experiencing a higher pace as more whales accumulate the asset. In a recent update, the largest ETH whale has bought almost 49 billion Shiba Inu. According to WhaleStats, the number 1 ranked ETH whale has bought over a million worth of SHIB. The SHIB tokens with the largest accumulation over time have become one of the top 10 tokens bought by the largest 1000 ETH whales. In another bullish development, over 40 million SHIB tokens have been burned in just 4 transactions in the last 24 hours. SHIB price is up nearly 3% at press time, standing at $0.00002456.

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By Farwa Raza

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