Shiba Inu, the popular dog-themed cryptocurrency, is currently navigating a crucial period marked by significant large holder activity and an attempt to overcome key resistance levels. This comes as broader market sentiment anticipates a potential altcoin season, with insights from the SHIB team suggesting an accumulation phase is underway.
Whale Accumulation Signals Bullish Shift
Data from IntoTheBlock reveals a remarkable 643% surge in Shiba Inu's large holder netflows, a metric indicating changes in the positions of major investors, often referred to as whales. This substantial increase strongly suggests a bullish shift among these large holders, as a spike in netflows typically points to accumulation. Such whale activity is particularly significant, providing a potential positive catalyst as Shiba Inu faces critical tests in its market momentum.
Challenging Key Price Resistance
The cryptocurrency is presently confronting a major resistance point at its 200-day Simple Moving Average (SMA), specifically at $0.00001371. Overcoming this level is paramount for Shiba Inu to accelerate its bullish trajectory towards higher targets, including $0.000016 and potentially $0.00002. Despite a previous rejection from this very level in late July, SHIB has demonstrated resilience, steadily rebounding since early August and recently regaining a foothold above its 50-day SMA at $0.00001277, even reaching an intraday high of $0.000014.
Altcoin Season on the Horizon?
Amidst these price dynamics, Shiba Inu team member Lucie has expressed an "ultra-bullish prediction," fueling anticipation for an upcoming altcoin season—a period where alternative cryptocurrencies typically outperform Bitcoin. While the current CoinMarketCap Altcoin Season Index stands at 40, indicating that Bitcoin season is still dominant, an official altcoin season would be triggered when the index crosses 75, accompanied by a drop in Bitcoin dominance. Lucie suggests that the market is likely in an accumulation phase, echoing a classic August pattern, and hints that a real breakout for altcoins could be on the cards for September.
