Memecoin Shiba Inu
It has marked a 3% night recovery below $ 0.00001200, surpassing Bitcoin despite the reports of a massive whale transaction.
On Thursday, Shib experienced a significant correction of 7.7%, falling to 0.0000119 before finding strong support at the level of 0.0000120. Since then, prices have bounced at $ 0.00001241, according to Coindesk data.
A massive whale transaction of 2.87 billion Shib, with a value of $ 36 million for institutional coinbase, initially triggered market concerns, according to Coindesk’s investigation. The transaction, however, was later identified as associated with the custody of the market manufacturer instead of a whale that seeks to sell coins.
However, despite the recovery, Shib still quotes 10% lower during the week as investors sail for broader market pressures. In addition, the cryptocurrency remains stuck in a downward trend channel, identified by trend lines that connect the maximums on May 12 and May 23 and the minimum on May 17.
IA Technical Insights during the last 24 hours
- Shib fell from 0.0000129 to a minimum of 0.0000119, which represents a 7.7% decrease with an exceptionally high volume (2.9b) during the sale of 7:00 p.m.
- The price found strong support at level 0.0000120, with an accumulation evidenced by the volume higher than the average, establishing a clear demand zone.
- An ascending support trend line has been formed during the recovery phase, with the price that is stabilized around 0.0000122, approximately 4.9% above the low period.
- Shib demonstrated a significant recovery pattern in the last hour, climbing with notable volume peaks.
- The substantial accumulation occurred at 07:55 with an exceptionally high volume (32.3b).
- A clear resistance zone arose at 0.0000123, which was successfully violated during the last minutes of the period.
