On December 18th, popular cryptocurrency investor Justin Sun made a transaction that caused great excitement among Shiba Inu investors. The well-known figure withdrew 500 billion SHIB tokens worth 5 million dollars from the Binance cryptocurrency exchange and sent them to an Ethereum address.
The move by Justin Sun, the founder of the Blockchain network Tron and owner of recently hacked cryptocurrency exchanges such as HTX and Poloniex, raises questions about how it might affect the SHIB price. According to Etherscan data, the wallet tagged as “Justin Sun 4” contained crypto assets worth 421 million dollars at the time of writing.
The fact that Justin Sun has not made any sales transactions in this wallet recently eliminates the potential selling pressure for SHIB. According to a two-hour analysis on the SHIB chart, after touching the support level, SHIB started to rise and broke the resistance, continuing its upward movement.
The most important support levels to watch on the SHIB chart are 0.00001004 / 0.00000977 and 0.00000952 dollars, respectively. In particular, a two-hour bar close below the 0.00000952 dollar level could create significant selling pressure on SHIB.
The most important resistance levels to watch on the SHIB chart are 0.00001030 / 0.00001060 and 0.00001093 dollars, respectively. Especially, a two-hour bar close above the 0.00001030 dollar level will also surpass the resistance level of EMA 7 (green line) in the last bar.