In the past 24 hours, the price of Shiba Inu (SHIB) has decreased by more than 3%. As of the time of publication, SHIB is trading at $0.00000892. Its 24-hour trading volume has likewise decreased by 5%. Binance, according to WhaleAlert, transferred 4 trillion Shiba Inu (approximately $36 million) to an unidentified wallet in a single transaction. Shibburn said that ShibaSwap was used by Binance to stake those 4 trillion SHIB tokens. Shiba Inu tokens worth about $36 million have been temporarily removed from circulation as a result of this action. Shibburn continued by mentioning another transaction in which Binance unstaked 12.6 trillion Shiba Inu tokens (about $116.2 million worth) from ShibaSwap. The biggest cryptocurrency exchange, however, re-staked 4 trillion Shiba Inu coins after this transaction. Shiba Archives had previously declared Binance to be the largest holder of Shiba Inu. Along with other assets, including $255 million worth of Ethereum, Binance added SHIB tokens worth $76 million.
Key Levels
Resistance Levels: $0.00001300, $0.00001000, $0.00000950
Support Levels: $0.00000779, $0.00000712, $0.00000700
SHIB/USD Daily ChartShiba Inu (SHIB) began a new slide against USD after breaking through the $0.00000950 barrier level. The SHIB/USD pair has lately begun an upward retracement after trading as low as $0.00000779. A clear rise over the $0.00000880 zone and the moving average (MA 50) occurred.
The pair is currently stabilizing below $0.00000950. The $0.00001000 level is an immediate upward resistance. The next significant barrier is located near the daily moving average (MA 200) at the $0.00001100 level. A clear break above the $0.00001000 resistance level might drive the price up near the next significant barrier where bears may appear.
SHIB/USD 4-Hour ChartSHIB/USD got trapped around $0.00000950 immediately after the bounce and returned toward the 4-hour moving average (MA 50) near $0.00000865. Interestingly, the congestion is developing around the lower boundary before the bearish channel of 2022. A break above the $0.00000950 resistance level could pave the way for a move towards $0.00001000 next.
Above here we’ll also have the upside bulls converging. The SHIB/USD has broken out of its very narrow range since December and not until this week the pair is seeing a mild retracement. So, this bullish breakout could hold, and if it does, we might see a strong recovery in this pair.
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