In the midst of continuous market insecurity, Shiba Inu (Shib), the popular and second largest crypto meme coin, received attention from crypto enthusiasts and taken a big step. Today, 6 February 2024, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that has transferred a crypto-walvis 1,239 trillion shib-tokens, worth $ 20.136 million, of the Kraken Cryptocurrency Exchange.
Whale moves 1.23 trillion Shib
However, the portfolio address for this transaction remains unknown and such important transactions after a huge fall in price suggest potential accumulation. The current market sentiment seems toareah, because Shib, together with large cryptocurrencies, has experienced considerable price decrease in recent days.
Shiba Inu (ShIB) Technical analysis and upcoming level
In the midst of this market crash, ShIB witnesses a price drop of more than 35% and has reached the crucial level of support of $ 0.000015, which has a history of price reverse.
Based on a recent price promotion and historic momentum, if ShIB has this support level, there is a strong possibility that it could rise by 30% to achieve the $ 0.000020 level in the coming days. The current sentiment, however, seems unfavorable for the predicted level because of the constant economic tensions between the US, China, Canada and Mexico.
Nevertheless, this level seems to be an ideal buying. ShIB is currently being traded under the 200 exponential advancing average (EMA) on the daily period of time, indicating that it is in a downward trend.
Important liquidation levels
With this price promotion, traders at the level of $ 0.0000155 at the bottom and the level of $ 0.0000165 are at the top, according to Coinglass facts.
If the market sentiment remains unchanged and the price below the level of $ 0.0000155 falls, almost $ 350k is liquidated in long positions. Conversely, if the sentiment shifts and the price rises to the level of $ 0.0000165, about $ 625k is liquidated in short positions.
When combining these on-chain statistics with the technical analysis, it seems that traders with short positions actively dominate.
Current price momentum
From now on the MEME Munt is traded near $ 0.0000158 and has experienced a price increase of more than 2.80% in the last 24 hours. During the same period, however, the trade volume fell by 25%, which indicates lower participation of traders and investors compared to previous days.
Credit : coinpedia.org
