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The withdrawal of a substantial amount of 220 billion SHIB tokens from Binance wallets in a single transaction attracted attention. Instead of signaling immediate market activity, such moves are often interpreted as a move toward self-preservation, suggesting a possible long-term holding strategy.
This whale activity fits a pattern frequently observed during times of market hesitation or uncertainty. By removing as much SHIB from Binance, the whale reduces pressure on the exchange to sell. This choice may be an indication of confidence in the future movement of Shiba Inu prices or a preventative measure against possible volatility.
The 200 EMA, a crucial level that had previously marked a turning point for SHIBThe bullish trends of , have provided the asset with recent strong support, according to the Shiba Inu price chart. Since this support test was successful, the price has recovered somewhat, surpassing the $0.00002200 mark.
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SHIB remains below the 50 EMA, suggesting that additional bullish momentum is needed to confirm a full reversal of the recent downtrend, although the current trend appears cautiously bullish. An uptick in volume profiles during this recovery phase indicates that there could be renewed interest in the asset driven by whale activity. Additional purchasing interest for SHIB This could happen if it manages to maintain its current momentum and overcome the $0.00002350 resistance level.
On the other hand, if the $0.00002200 support is not held, it may indicate that lower levels will be tested again. Retail investors may view the withdrawal of 220 billion SHIB as a bullish indication of continued whale interest in the asset.
Nonetheless, cautious optimism is warranted as the market as a whole is still grappling with conflicting emotions. As SHIB takes its next steps in early 2025, it will be essential to keep an eye on important price levels and overall market conditions.