SHIB Worth Several Millions Was Withdrawn From Exchanges: Analyst

• Ali revealed in a tweet today that 3.30 trillion SHIB was withdrawn from several known exchanges in July.
• SHIB was trading at $0.000008316 after its price dropped 0.44% over the past 24 hours.
• A noteworthy bullish technical flag was triggered on SHIB’s daily chart during the past 48 hours.

A large amount of Shiba Inu (SHIB) was withdrawn from several known cryptocurrency exchanges this July, according to the trader and analyst Ali. In a tweet published earlier today, he highlighted that 3.30 trillion SHIB, estimated to be worth $28 million, was withdrawn from multiple exchange platforms over the past month.

Meanwhile, SHIB occupied the number 9 position on CoinMarketCap’s trending list at press time. The altcoin was changing hands at $0.000008316 after it dropped 0.44% during the past day of trading. Despite the negative daily performance, the weekly and monthly performances for SHIB remained in the green at 6.73% and 9.40% respectively.

In addition to weakening against the Dollar, SHIB was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. At press time, SHIB was down 0.27% against BTC and was outshined by 0.27% by the altcoin market leader. This meant that one SHIB was worth 0.0000000002875 BTC and 0.000000004535 ETH.

The meme coin’s price rebounded off of a positive trend line on its daily chart on 27 July 2023. Bulls then seized the opportunity to give SHIB’s price a much needed boost, which saw it rise to above the 20-day and 50-day EMA lines this past Friday. This bullish momentum did not stop there, however, as traders attempted to challenge the major resistance at $0.00000845.

Although it was able to break above this significant mark, it was unable to close a daily candle above this level. Nonetheless, a significant bullish technical flag was triggered over the past 48 hours with the 20-day EMA crossing above the longer 50-day EMA line. This signaled that SHIB’s price had entered into a medium-term positive trend.

If this newfound medium-term momentum continues, it may result in SHIB flipping the resistance levels at $0.00000845 and $0.00000928 into support. Continued pressure could also result in SHIB reaching $0.00001052 in the upcoming couple of weeks.

On the other hand, if SHIB fails to close a daily candle above $0.00000845 in the next 48 hours, then it may be at risk of retesting the positive trend line on its daily chart. A break below this level will most likely see SHIB’s price continue to drop to the next crucial support level at $0.00000715.

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