Over the past day, a huge volume of Shiba Inu tokens worth 765 billion units has been shifted among major players in the cryptocurrency market.
A significant number of SHIB tokens are transferring to exchanges such as Coinbase, potentially indicating that holders intend to sell. This mass movement could result in increased selling pressure on SHIB, an unwelcome development given the current market circumstances.
Examining the extensive record of transactions, it is clear that significant quantities of SHIB, ranging between approximately 45 billion and over 123 billion tokens, have been received by prominent trading applications and exchanges.
In simpler terms, the price chart shows a clear triangle formation indicating that the asset’s value has been oscillating between rising lows and falling highs. This pattern suggests that a significant price movement is imminent as the price reaches a critical point of breaking through this triangle, much like a tightly coiled spring preparing to snap in either direction.
The graph indicates two significant price thresholds to monitor: one at approximately $0.000029 where the price faces resistance, and another close to $0.000019 where it appears unwilling to drop below. Currently, SHIB is transacting above its crucial moving averages, suggesting a potential good sign for investors holding onto the token.
Currently, if the indications point to a continued sell-off, the price may drop down to the indicated support level. Conversely, should SHIB surpass the triangle chart pattern, there’s a strong possibility of witnessing an upward trend and reaching new peak prices.
With the heightened activity of whales and large traders, it’s possible that Shiba Inu‘s volatility will rise in tandem. The market may be on the brink of a prolonged recovery, and the surge in Shiba Inu transactions could be an early sign of a bullish turnaround for the token.
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2024-04-11 14:28