Shiba Inu on the verge of a big leap

Shiba Inu (SHIB) is on the verge of a new accumulation phase, according to data from Anchin. Over 289 billion Shiba Inu tokens, or about 1.45% of the circulating supply, have been removed from exchanges in the past week, a sign that whales are gaining confidence and short-term selling pressure is easing.

Currently, Shiba Inu is trading around $0.000010. Analysts say the cryptocurrency is forming a bearish wedge pattern, a pattern that usually follows a bullish breakout.

The key support level is at $0.0000095 and the key resistance level is at $0.000012. The Relative Strength Index (RSI) is also at 37, indicating an oversold situation and a possible short-term reversal. If the whale accumulation trend continues and the price can break through the upper resistance of the descending angle pattern, there is a possibility of Shiba Inu growing to the $0.000013 level in the short term. Otherwise, a break of the current support could trigger a long-term consolidation.