Shiba Inu (SHIB) whales appear to be in a risk-off mode ahead of the pivotal U.S. inflation data, which is likely to show a renewed uptick due to U.S. President Donald Trump’s tariffs.
Prices, however, have raised bulls’ hopes, topping key resistance at 0.0000133 with a massive 975 billion volume spike. The cryptocurrency has also moved above the widely-watched 100-day simple moving average (SMA).
Additionally, a record 1.5 million wallets now hold SHIB tokens, representing 0.011% of the global population, a sign of accelerated community growth.
Key technical insights
- SHIB-USD pair climbed from 0.0000129 to 0.0000134, representing a 4.6% gain with a total range of 0.00000063 (4.9%).
- A significant volume spike of 975 billion in the final hour propelled prices to break through the 0.0000133 resistance level.
- Price action formed an ascending channel with higher lows at 0.0000129, 0.0000131, and 0.0000132.
- The 0.0000135 level now emerges as the next key resistance target for bulls to overcome.
- A strong bullish breakout occurred between 07:11-07:16, where the price surged from 0.0000133 to 0.0000135, representing a 1.5% gain.
- After reaching the session high, the price established a new support zone around 0.0000134, with multiple tests confirming this level.
Focus on U.S. inflation
According to FactSet, the median year-over-year estimate for the consumer price index for May is 2.5%, an increase from April’s 2.3% rise.
If the data matches estimates, it will be the first increase in the number compared to the previous month since January 2025, validating the Federal Reserve’s wait-and-see, data-dependent stance.
That said, the tariff-led upswing in inflation has been discussed in markets for some time, and the confirmation may not come as a shock to the market. In other words, dips could be short-lived.
