Whale Alert (@whale_alert) has reported an important transaction in the crypto world. A staggering 20,514,548 USD worth of Shiba Inu (SHIB) was transferred in a single transaction. The tweet revealed that an unknown wallet transferred 1,920,298,469,247 SHIB to another unknown wallet. This news highlights the significance of whale tracking in the crypto space.
As of publication, CoinMarketCap reports that SHIB is trading at $0.00001074, reflecting a 4.67% decline over the past 24 hours. Despite this dip, the weekly performance of this widely recognized meme coin remains positive, with a growth rate of +2.25%.
Over the past 24 hours, SHIB has experienced a decline not only against the U.S. Dollar but also against the top two players in the crypto market, Bitcoin (BTC) and Ethereum (ETH), with a decrease of 2.44% and 2.79%, respectively.
Upon analyzing the daily chart for SHIB/USDT, it is evident that a bullish ascending triangle chart pattern has materialized. This pattern has emerged as a result of SHIB exhibiting higher lows over the course of the past week.
During today’s trading session, the altcoin’s price experienced a dip below the bullish chart pattern’s trend line. However, it recovered and found its way back within the pattern at press time. To move towards $0.00001121 in the next 24-48 hours, SHIB’s price must overcome the 9-day and 20-day EMA levels. Stay tuned for further updates.
If SHIB’s price concludes today’s trading session below the trend line of the chart above pattern, the optimistic outlook will be negated, and SHIB may descend towards the closest support level at $0.00001033 within the next 24-48 hours.
In contrast, should SHIB’s value successfully surpass both the 9-day and 20-day EMA benchmarks and conquer the $0.00001121 resistance threshold by day’s end, the meme-inspired currency will likely surge towards the $0.00001213 mark within the next two days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
