- Shiba Inu whipped up 3% daily gains amid Ether’s surge past $3.6K.
- Whale shuffles $19.26M worth of SHIB tokens during SHIB’s daily lows.
- Shiba Inu sees $74.23M in pending sales, outsourcing bids by $20 million.
Shiba Inu (SHIB) started the week with upward momentum, rising 4% over the past 24 hours. Towering towards $0.00003, Shiba Inu’s latest price movement comes along with Ether’s (ETH) successful break past $3.6K on Monday afternoon.
Shiba Inu’s Obstacles on the Way Up
Notably, a massive crypto whale has been spotted moving 692,400,000,000 SHIB tokens from Crypto.com to a decentralized on-chain wallet. Making the move on SHIB’s daily price lows at 3 AM UTC, this whale still holds the relocated SHIB funds, worth $20,197,319.07 at press time.
Since the hefty transaction, Shiba Inu picked up 3% gains to challenge the resistance zone of $0.000033 but faced a slight rejection to key support at $0.00002907. However, the biggest challenge ahead underlies the resistance at $0.000036, according to IntoTheBlock.
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This SHIB price level depicts a multi-trillion SHIB sell wall, which phases out to $0.000056. However, as Shiba Inu currently resides above $0.000029 support, the combined order book liquidity points to a nearly $20 million gap between pending sells and bids.
SHIB Forms Double Bottom Pattern
As SHIB was still trading in phased consolidation last weekend, several crypto charters noticed that SHIB had started forming a double-bottom pattern on the daily charts. To illustrate, crypto analyst Andrew Griffiths named the first hurdle at $0.00002960, a resistance line unseen since April 1.
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If SHIB succeeds in closing the day above this level, the analyst believes the price range between $0.00003050 to $0.00003200 to present the first blockage due to many day traders attempting to take profits at this SHIB price range. If SHIB overcomes this challenge, the biggest sell wall awaits at $0.00003455, continuing until $0.000036.
On the other hand, SHIB could backtrack to $0.00002375 in a bearish scenario, which would wipe out most of its rally gains earned last month with a $0.000044 yearly peak on March 5.
On the Flipside
- The whale is likely to be a representative of BitGo, a digital trust fund and security firm based in Palo Alto, California.
- While SHIB is now the largest dollar-value asset in the wallet, the whale also holds $1.41M of Pepe (PEPE) and $682K worth of Floki (FLOKI).
Why This Matters
Whale transfers from crypto exchanges to self-custodial wallets usually signify an accumulation phase, while technical indicators decipher the crypto price movement.
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