Shiba Inu Rally Imminent? 1.23 Trillion SHIB Moves into Wallet
Amid ongoing market uncertainty, the popular and second-largest crypto meme coin (Shib) (Shib) has attracted the attention of crypto enthusiasts and made a major move. Today, February 6, 2024, a blockchain-based transaction tracker whale alert was released on X (formerly Twitter), a crypto whale transferred 1.239 trillion shib tokens worth $20.136 million from Kraken Cryptocorrency $20.136 million was transferred in Exchange.
Whale moves 1.23 trillion wet
However, the wallet address for this transaction is still unknown, and after the price drops, such a significant transaction indicates potential accumulation. Current market sentiment seems bearish as Shib, as well as major cryptocurrencies, has seen a sharp drop in prices in recent days.
Shiba INU (SHIB) Technical Analysis and Upcoming Levels
In this market crash, Hebrew Witnessing a price drop of over 35% and reaching a key support level of $0.000015, its price reversal history.
Based on recent price action and historical momentum, if Shib has this support level, it is very likely that it will reach the $0.000020 level in the coming days. However, current sentiment seems to be unfavorable due to ongoing economic tensions between the United States, China, Canada and Mexico.
However, this level seems to be an ideal buying opportunity. SHIB is currently trading below the 200 moving average (EMA) in the daily time frame, indicating that it is in a downward trend.
Main liquidation level
With this price action, traders have a high leverage ratio of $0.0000155 on the lower side and $0.0000165 on the upper side. Small shop data.
If market sentiment remains the same and the price is below the $0.0000155 level, a long position worth nearly $350,000 will be liquidated. Conversely, if sentiment changes and the price rises to $0.0000165, short positions worth approximately $625,000 will be liquidated.
When these chain-bound indicators are combined with technical analysis, it appears that traders who act as short-term positions dominate the assets.
Current price motivation
As of now, Meme coins are trading close to $0.0000158 and have risen by more than 2.80% in the past 24 hours. However, during the same period, its trading volume fell by 25%, with traders and investors lower participation rates compared to previous days.
