Amid ongoing market uncertainty, Shiba Inu (SHIB), the favored and second-largest crypto meme coin, has gained consideration from crypto fanatics and made a giant transfer. As we speak, February 6, 2024, blockchain-based transaction tracker Whale Alert posted on X (previously Twitter) {that a} crypto whale transferred 1.239 trillion SHIB tokens, price $20.136 million, from the Kraken cryptocurrency trade.
Whale Moves 1.23 Trillion SHIB
Nevertheless, the pockets tackle for this transaction stays unknown, and such vital transactions following a large worth decline recommend potential accumulation. The present market sentiment seems bearish, as SHIB, together with main cryptocurrencies, has skilled vital worth drops in latest days.
Shiba Inu (SHIB) Technical Evaluation and Upcoming Degree
Amid this market crash, SHIB has witnessed a worth drop of over 35% and has reached the essential assist degree of $0.000015, which has a historical past of worth reversal.
Based mostly on latest worth motion and historic momentum, if SHIB holds this assist degree, there’s a sturdy chance it may soar by 30% to succeed in the $0.000020 degree within the coming days. Nevertheless, the present sentiment appears unfavorable for the anticipated degree because of the ongoing financial tensions between the US, China, Canada, and Mexico.
However, this degree seems to be a great shopping for alternative. SHIB is at the moment buying and selling beneath the 200 Exponential Transferring Common (EMA) on the every day time-frame, indicating that it’s in a downtrend.
Main Liquidation Ranges
With this worth motion, merchants are over-leveraged on the $0.0000155 degree on the decrease aspect and the $0.0000165 degree on the higher aspect, in keeping with Coinglass information.
If the market sentiment stays unchanged and the worth falls beneath the $0.0000155 degree, practically $350k price of lengthy positions will likely be liquidated. Conversely, if the sentiment shifts and the worth rises to the $0.0000165 degree, roughly $625k price of brief positions will likely be liquidated.
When combining these on-chain metrics with the technical evaluation it seems that merchants holding brief positions are dominating the asset.
Present Value Momentum
As of now, the meme coin is buying and selling close to $0.0000158 and has skilled a worth surge of over 2.80% prior to now 24 hours. Nevertheless, throughout the identical interval, its buying and selling quantity dropped by 25%, indicating decrease participation from merchants and traders in comparison with earlier days.
