Earlier today, Justin Sun withdrew $6 million in SHIB from Binance, and now interest in how this will affect the price performance of memcoin has the community excited. Technical analysis on the daily timeframe shows that SHIB has been inside an ascending parallel channel since June, confirming the boundaries as resistance and support. The recent bounce from the support line and breakout of the channel resistance line at the horizontal resistance area has created favourable conditions for upside. However, indicators such as the Relative Strength Index (RSI) have started to decline, forming a bearish divergence, which could be a sign of a change of trend to a downtrend.

Crypto analyst Ali Martinez notes signs of a potential breakout and points to an important support level at $0.0000103, which, if held, could be the starting point for a rise to $0.0000140. It is important to note that TRON founder Justin Sun has withdrawn $6 million in SHIB, but the memcoin price has not yet reacted to this event. Analysis of the three-day chart also does not define a clear trend direction, with memcoin moving inside a descending parallel channel since August 2022. Future trend direction could depend on SHIB exiting the channel or breaking the $0.0000100 level to the downside, where a breakout could trigger a 40 per cent rise and a breakdown could trigger a 22 per cent fall to near-term support at $0.0000080.