• 14 July, 2024
Market News

Top ETH Whale Adds 120B Shiba Inu Amid Bullish Momentum

The Ethereum (ETH) community was buzzing today as news broke that the largest ETH whale, nicknamed “Boromir,” has just acquired a whopping 120 billion Shiba Inu (SHIB) tokens in one significant transaction over the past 24 hours. According to WhaleStats data, this amount is worth an astounding $1.45 million.

This news comes during a period of bullish momentum for SHIB, with the token recently reaching an all-time high of over $0.01 per SHIB. The acquisition marks another significant development in the crypto world and a major milestone for Boromir and its investment portfolio.

The market will likely take notice of this major transaction and any potential moves Boromir made in the coming days.

With Shiba Inu emerging as a serious player in the digital asset market and more whales entering the fray, it’s no surprise that investors have taken an interest in SHIB. This news is sure to fuel the bullish momentum of SHIB, with more investors likely to join in.

Though the full effects of Boromir’s transaction remain to be seen, it is an exciting time for any crypto enthusiast and investor. Be tuned for further updates on this major development and other important news regarding Shiba Inu and Ethereum.

SHIB/USD technical outlook?

The SHIB/USD pair is currently trading at $0.00001188, and bulls are in control of the market as they continue to push higher. Moreover, the daily chart shows that the price has broken out from a falling wedge pattern, a bullish sign that could indicate further upside potential in the near term.

Source: Tradingview

The next major resistance level will likely come in at $0.000120, which, if breached, could pave the way for a larger rally toward the record highs of $0.01. On the flip side, the major support levels for SHIB/USD are located at $0.00001000 and $0.00000968, respectively. Bears will

The MACD line has crossed over the red signal line, which shows bullish momentum. If the MACD stays above the signal line and extends its rally, it could signify that bulls will remain in market control. However, the relative strength index (RSI) also trades in overbought territory, suggesting that the recent uptrend may slow down and pull back soon.

Conclusion

Overall, the current outlook for SHIB/USD is bullish and plenty of signs indicate further gains in the short-term. The recent acquisition of 120 billion SHIB tokens by a major ETH whale has only added to the hype surrounding the token and could be part of what is driving its price higher.

Traders should keep an eye on the key resistance levels mentioned above and act accordingly according to their investment strategies.  Be tuned for further updates on this major development and other important news regarding Shiba Inu and Ethereum.

Disclaimer: This article is for informational purposes only. It should not be considered financial advice, and you should always do your own research and consult with an experienced financial advisor before making any investments. 

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