Data Shows: Over 1 Trillion SHIB Recently Sent to aUnknown Address

  • The total value of the transaction is estimated to be $20,514,548.
  • In related news, technicals suggest the price of SHIB may rally in the next 24-48 hours.

The crypto whale tracking page, Whale Alert (@whale_alert), tweeted this morning that 20,514,548 USD worth of Shiba Inu (SHIB) was transferred in a single transaction recently. According to the tweet, 1,920,298,469,247 SHIB was transferred from one unknown wallet to another unknown wallet.

At press time, the price of SHIB stands at $0.00001074 after it experienced a 4.67% drop in the last 24 hours according to CoinMarketCap. The weekly performance for the popular meme coin remains in the green at +2.25%.

In addition to weakening against the U.S. Dollar in the last 24 hours, SHIB also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.44% and 2.79% respectively during the same time period.

Daily chart for SHIB/USDT (Source: TradingView)

Looking at the daily chart for SHIB/USDT, there is a bullish ascending triangle chart pattern which has formed on the chart after SHIB printed higher lows over the last week.

The altcoin’s price has already dropped below the trend line of this bullish chart pattern in today’s trading session, but was able to recover to find itself back within the chart pattern at press time. SHIB’s price will need to overcome the 9-day and 20-day EMA levels before it will proceed to make a move towards $0.00001121 in the next 24-48 hours.

Should SHIB’s price close today’s trading session below the trend line of the previously-mentioned chart pattern, then a bullish thesis will be invalidated and SHIB will likely drop down to the nearest support level at $0.00001033 in the next 24-48 hours.

On the other hand, if SHIB’s price is able to close today above the 9-day and 20-day EMA levels, and then also overcome the resistance at $0.00001121, then the meme coin’s price will rally towards $0.00001213 in the next 48 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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