Shiba Inu Recovers 3% After $36M Whale Transaction Despite Downward Trend
Memecoin Shiba Inu (SHIB) has recovered 3% from its overnight low of $0.00001200, outperforming Bitcoin (BTC). After a significant correction of 7.7% to $0.0000119, SHIB found support at the $0.0000120 level and rose to $0.00001241, according to CoinDesk data.
A major transaction involving 2.87 trillion SHIB, valued at $36 million, initially raised concerns. This transaction was later linked to market maker custody rather than a whale intending to sell.
Despite the recovery, SHIB remains 10% lower for the week and is within a downward-trending channel defined by trendlines connecting recent highs and lows.
AI Technical Insights for the Past 24 Hours
- SHIB fell from $0.0000129 to a low of $0.0000119, marking a 7.7% decline with high volume (2.9B) during the sell-off.
- Support was established at $0.0000120, with accumulation shown by above-average volume.
- An ascending support trendline formed during the recovery phase, stabilizing around $0.0000122, about 4.9% above the low.
- SHIB exhibited a recovery pattern in the last hour, marked by notable volume spikes.
- High volume accumulation occurred at 07:55 with 32.3B traded.
- A resistance zone at $0.0000123 was breached in the final minutes of the period.