SHIB Recovers After Large Transfer to Coinbase, But Remains Technically Vulnerable
Shiba Inu (SHIB) recovered 3% from session lows Friday, following clarification surrounding a significant on-chain transfer that initially triggered a sharp sell-off.
On Thursday, a wallet moved 2.87 trillion SHIB (~$36M) to Coinbase Institutional, sparking liquidation concerns and sending SHIB down nearly 8% to a low of $0.00001190. Market reaction quickly reversed after CoinDesk AI flagged the transfer as custodial activity by a market maker, not a sell-off.
SHIB rebounded to $0.00001241 by early Friday, outperforming Bitcoin on the day. Still, the asset remains 10% lower week-over-week and continues to trade within a well-defined descending channel.
Technical Outlook:
- Short-term support: $0.00001200 (holding firm post-sell-off)
- Immediate resistance: $0.00001290 (channel upper bound)
- Bias: Bearish unless breakout confirms above key resistance
- Volume spike: 32.3B at 07:55 UTC suggests localized accumulation
Despite signs of stabilization, SHIB’s broader trend remains negative. A confirmed breakout above the current pattern would be needed to shift directional bias to bullish.
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