Shiba Inu (SHIB) was trading down 2.70% in the last 24 hours at $0.00001232. According to WhaleStats, in the last 24 hours, an ETH Whale “BlueWhale0068” bought 91,956,507,830 SHIB worth $1,162,330. Expectations remain in place ahead of the layer 2 Shibarium beta launch. Ahead of the much-anticipated launch, whales or large holders are accumulating BONE. Validators who are instrumental members of the Shibarim network are required to stake a specific amount of BONE. As reported by WhaleStats, BONE ranks among the top 10 purchased tokens for the 100 biggest ETH whales in the last 24 hours. Aside from the interest shown in BONE, which is the gas token for the upcoming Shibarium, whales are showing similar interest in the SHIB token.
Key Levels
Resistance Levels: $0.00001800, $0.00001600, $0.00001400
Support Levels: $0.00001200, $0.00001000, $0.00000779
SHIB/USD Daily ChartThe SHIB/USD exchange rate had previously reversed south from the $0.00001600 region. Given that the token is under pressure from the anticipated release of Shibarium, which might have a more immediate impact, the market may see some downside potential before its eventual launch. Yet, substantial support from the MA 50 may emerge to limit the negative pressure.
Nonetheless, keep in mind that the meme coin could find support near $0.00001200 before falling lower. As a result, SHIB may trade sideways against the US dollar in the interim and the following trading session. In the case of an upside reversal, the $0.00001400 round number could operate as a solid hurdle before being able to re-challenge the yearly high at $0.00001590.
SHIB/USD 4-Hour ChartShiba Inu may seek to recover above the moving averages (MA 200 and MA 50) near the $0.00001300 level in the 4-hour time frame, except a death cross occurs at the strong technical zone towards the $0.00001200 range. If the $0.00001200 support level holds the impending negative onslaught, SHIB/USD bulls may shortly begin to attack the $0.00001400 level.
The SHIB/USD pair is yet oversold in the short to medium range, according to technical analysis, and might trend lower towards the $0.00001200/$0.00001100 levels. The SHIB/USD pair is only bullish when trading above the $0.00001400 mark, with important resistance at $0.00001600. If the SHIB/USD pair falls below $0.00001200, sellers may attempt to challenge the $0.00001000 support levels.
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