Is A SHIB Price Crash Coming?
A major Shiba Inu (SHIB) transfer caught the attention of traders today, December 19, as early lucrative SHIB whales moved nearly 400 billion coins. On-chain analytics service Spot On Chain (@spotonchain) highlights that the famous early buyer deposited 399.99B SHIB (valued at $9.69 million) into Gemini, a record high following its initial acquisition of 15.2 trillion SHIB in August 2020 A history of substantial gains. Only 10 ETH.
Spot winding wrote via On the same day, the whale purchased 15.2T SHIB for only 10 ETH. Now, the whale still holds 2T SHIB ($48.54 million) and is expected to withdraw from SHIB. Total profit gained was $107.7 million (3.7x return).”
This is not the first time anonymous whales have taken profits of this kind. In mid-November, Spot On Chain noted that the same early buyer (address “0xd6b”) “re-offloaded the token after eight months of inactivity” deposited 100 billion SHIB (worth $2.81 million at the time) into Gemini. Prior to this, the whale was last active in March, transferring 200 billion SHIB to Gemini and Crypto.com.
Related reading
Shiba Inu Price Drops
SHIB’s price has fallen by approximately 6.2% in the past 24 hours, continuing a short-term downward trend that began on December 18 when it fell by 10%.
It’s worth noting that much of this weakness has to do with the broader cryptocurrency market downturn following the recent Federal Open Market Committee (FOMC) press conference. Despite achieving an expected 25 basis points rate hike, Fed Chairman Jerome Powell emphasized a more restrained approach to rate cuts in 2024, leading to Bearish market reaction Across digital assets.
Despite these macro resistances and notable whale selling, the Shiba Inu’s higher time frame technical structure remains relatively stable. On the daily chart, SHIB holds key support at the 100-day moving average, which has proven to be a strong support. support level Since late September when prices rose above SHIB for the first time.
Related reading
Marked by the yellow circle on the chart, this EMA has acted as a key pivot point for price action multiple times, holding support for the fifth time during the observation period. Currently, the 100-day EMA is around $0.00002264
Additionally, SHIB remains above the 0.382 Fibonacci retracement level at $0.00002409, another key threshold that analysts are currently watching. The 0.5 Fibonacci level at $0.00002821 marks the key midpoint of the recent high to low range and serves as a psychological test for traders should they attempt to trade SHIB. recover.
Beyond this, further upside resistance awaits at 0.618 Fib ($0.00003234) and 0.786 Fib ($0.00003821), which are potential hurdles if bullish momentum returns.
Featured image from Shutterstock, chart from TradingView.com
