Shiba Inu gets in the middle of a massive $ 36M whale transaction; Still stuck to the downward channel
Memecoin Shiba Inu
has scored a 3% recovery from overnight lows under $ 0.00001200, which is more than just a change of bitcoin despite reports of a massive whale transaction.
On Thursday, Shib experienced a significant 7.7% correction, which drops to 0.0000119 before finding strong levels of 0.0000120 level. Prices have since been bouncing to $ 0.00001241, according to CoinDesk data.
A massive 2.87 trillion shib whale transaction, which costs $ 36 million at Coinbase’s institution, initially triggered market concerns, according to CoinDesk’s AI research. The transaction, however, was later identified to be associated with cautioning the market manufacturer rather than a whale looking to sell coins.
However, despite the recovery, the Shib is still trading 10% less for the week as investors have navigated the broader market pressure. Moreover, cryptocurrency remains stuck to a down-trending channel, identified by trendlines that connect highs on May 12 and May 23 and low on May 17.
AI technical insights in the past 24 hours
- Shib dropped from 0.0000129 to low 0.0000119, representing a 7.7% decline with an excess of high volume (2.9B) within 19:00 hours seller.
- The price found strong support at the level of 0.0000120, with accumulation proven by the above average volume, which established a clear demand zone.
- An ascending support trendline was formed at the recovery stage, with a price stabilizing around 0.0000122, approximately 4.9% above the low period.
- The Shib showed a significant recovery pattern in the last time, climbing with known volume spikes.
- The large accumulation occurred at 07:55 with an extremely high quantity (32.3b).
- A clear resistance zone appeared at 0.0000123, which was successfully damaged in the last minutes of time.
