On December 18th, popular crypto market investor Justin Sun made a transaction that caused significant excitement among Shiba Inu investors. According to reports, the famous figure withdrew 500 billion SHIB tokens worth 5 million dollars from the cryptocurrency exchange Binance at 18:40 on December 18th. So, how might Justin Sun’s move affect the SHIB price? Let’s take a look.
Justin Sun’s Noteworthy Action
Justin Sun, the founder of the blockchain network Tron and owner of the recently hacked cryptocurrency exchanges HTX and Poloniex, made a move today that particularly excited Shiba Inu investors. The prominent figure withdrew 500 billion SHIB tokens, valued at 5 million dollars, from Binance and sent them to an Ethereum address.
According to the Ethereum data source Etherscan, the wallet tagged as “Justin Sun 4” contained crypto assets worth 421 million dollars at the time of writing. The largest of these assets was 162.552 wstETH, valued at 402 million dollars. The fact that Justin Sun has not recently made any sales transactions with this wallet removes the potential selling pressure for SHIB.
Shiba Inu Chart Analysis
The two-hour SHIB chart shows a rising channel formation. Accordingly, SHIB, which touched the support level on December 16th, gained momentum from this point and managed to break the resistance, but this move acted as a bull trap. Recently, SHIB continues its upward movement, supported again by the support line and the EMA 200 (red line). Notably, the absence of selling pressure following the transaction by Justin Sun is drawing attention.
The most important support levels to watch on the two-hour SHIB chart are; 0.00001004 / 0.00000977 and 0.00000952 dollars, respectively. In particular, a two-hour bar closing below the 0.00000952 dollar level, which is below the EMA 200 and the support line, could cause significant selling pressure on SHIB.
The most important resistance levels to watch on the two-hour SHIB chart are; 0.00001030 / 0.00001060 and 0.00001093 dollars, respectively. Especially, a two-hour bar closing above the 0.00001030 dollar level will also surpass the EMA 7 (green line) level, which was the resistance level in the last bar.
