Shiba Inu Tests Key Support at $0.00000515 as 125B Tokens Leave BitGo

Shiba Inu (SHIB) is currently testing its crucial support level at $0.00000515 as it trades near the 0.5 Fibonacci retracement level at $0.00000510.

A large transfer of 125.33 billion SHIB tokens from BitGo to a newly created wallet has added a fresh catalyst to the current technical setup, with traders observing whether SHIB can defend its support and push toward $0.00000583 and $0.00000670.

If the support holds, it may enhance the possibility of more gains for SHIB, while a breakout above the $0.0000059, $0.00000615 fair value gap (FVG) would put $0.00000670 in focus.

However, if buyers fail to defend the $0.00000492 level, it could undermine the ongoing recovery formation and bring lower support levels into focus, including $0.00000409 which would signal a failure of the bullish recovery.