What's Behind the Movement of 765 Billion Shiba Inu (#SHIB ) Tokens in 24 Hours?
A substantial volume of Shiba Inu tokens has been in motion recently. Over the past day, a staggering 765 billion $SHIB tokens were observed transferring among significant entities in the market.
The majority of these SHIB tokens seem to be heading towards trading platforms like Coinbase, suggesting a potential intention to sell by holders. A significant influx of tokens for selling purposes could exert considerable downward pressure on SHIB's price, which is currently undesirable for the token.
Analyzing the detailed transaction records reveals significant sums, ranging from approximately 45 billion to over 123 billion SHIB, being deposited into major trading applications and platforms.
Technically, a noticeable triangle pattern is emerging, indicating the price's oscillation between higher lows and lower highs, reaching a pivotal juncture for a breakout. Picture it as a tightly wound spring poised to unleash its energy in either direction.
The chart highlights two critical price thresholds: one acting as resistance around $0.000029, and the other serving as a sturdy support level near $0.000019. Presently, SHIB is trading above crucial moving averages, suggesting a positive outlook for token holders.
In the short term, a continuation of the selling trend could drive the price towards the lower support level. Conversely, a breakout above the triangle pattern might propel SHIB's price upwards, potentially testing new highs.
With the surge in activity from whales and large traders, Shiba Inu's volatility could escalate correspondingly. This heightened market activity might signal an impending extended recovery phase, with the increased SHIB transactions possibly heralding a bullish turnaround for the token.
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