While market uncertainty is in progress, SHIBA INU (SHIB), the second largest encryption meme coin, has attracted attention from the encryption lovers. On February 6, 2024, the blockchain -based transaction tracker warning posted X (formerly Twitter) that Crypto Whale transferred 1.239 trillion shib tokens of 1,1136 million dollars on the KRAKEN CRYPTOCURRENCY exchange.
Whales move 1.23 trillion
However, the wallet address of this transaction is unknown, and significant transactions due to the drop in mass prices suggest potential accumulation. Along with SHIB’s major cryptocurrencies, the recent market sentiment seems to be weak when experiencing a significant drop in price recently.
SHIBA INU (SHIB) Technology Analysis and coming
In the collapse of the market, SHIB witnessed more than 35% of the price and reached an important level of $ 0.000015 with a history of price reversal.
Based on the recent price behavior and historical propulsion, SHIB is likely to increase by 30% to reach 0.000020 level in the future. However, the current sentiment seems to be undesirable at the expected level due to the continuous economic tension between the US, China, Canada and Mexico.
Nevertheless, this level seems to be an ideal purchase opportunity. SHIB is currently being traded below 200 index moving average (EMA) over the daily period, indicating that it is in a decline.
Major liquidation level
According to the CoingLass data, this price measure allows the trader to be overkilled at $ 0.0000155 at the bottom and the $ 0.0000165 level at the top.
If the market sentiment does not change and the price drops below the $ 0.0000155 level, the long position worth $ 350K will be cleared. On the contrary, if the emotion changes and the price rises to the $ 0.0000165 level, the short position of about $ 625K will be cleared.
When combining such a thermetical with technical analysis, a trader with a short position appears to dominate the assets.
Current price momentum
MEME Coin is currently dealing with nearly $ 0.0000158 and has experienced a surge of more than 2.80% over the last 24 hours. However, during the same period, trading volume decreased by 25%, indicating that the participation of traders and investors was lower than the previous day.