Shiba Inu Crypto Whale Moves 692 Billion SHIB As Market Watches

Shiba Inu cryptocurrency (SHIB), known for its vibrant community, has witnessed a 3% jump in the last 24 hours, marking its presence in the market with a value of $0.00003. This increase coincided with an impressive climb in Ether (ETH), which surpassed the US$3,600 mark, signaling a moment of optimism in the world of cryptocurrencies.

The SHIB saga gained more color with the action of a large crypto whale, who transferred a staggering 692.4 billion SHIB tokens from the Crypto.com platform to a decentralized wallet. This movement, carried out at times of lowest SHIB value during the day, keeps the market’s eyes fixed on the value of the reallocated tokens, currently estimated at more than 20 million dollars.

🚨 692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallethttps://t.co/EanzRBG2jj

— Whale Alert (@whale_alert) April 8, 2024

Following this significant transaction, SHIB managed a 3% advance in its value, challenging the resistance at $0.000033. However, a slight rejection was faced, reinforcing the anticipation surrounding its next moves. Analysts point to an even bigger challenge on the horizon for SHIB, with a crucial resistance level sitting at $0.000036, a milestone that, if surpassed, could dramatically alter market dynamics.

The crypto community is especially attentive to SHIB’s behavior, observing chart formations that suggest potential for recovery and future gains. Among these analyses, the recognition of a “double bottom” pattern stands out, a technical indicator that, according to analyst Andrew Griffiths, suggests a possible reversal in the token’s price trend. Griffiths identifies a crucial resistance line and points to a price range where traders can try to capitalize by anticipating strategic moves in the market.

#SHI SHIB has found strong support around $0.00002640, forming a double bottom pattern on the daily charts. This bullish reversal pattern suggests a potential trend reversal and a breakout to the upside.

The price has already risen to $0.00002864, which I view as a breakout… pic.twitter.com/64Nddv9kzv

— Andrew Griffiths (@AndrewGriUK) April 7, 2024

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.