Advertisement
AD

Main navigation

Shiba Inu Bulls Absorbed 7 Trillion SHIB: What's Next?

Advertisement
Mon, 3/07/2023 - 12:59
Shiba Inu Bulls Absorbed 7 Trillion SHIB: What's Next?
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu (SHIB), the renowned meme coin, has recently experienced a significant change in investor behavior. Bulls in the Shiba Inu market have managed to absorb a staggering seven trillion SHIB, effectively breaking the resistance, as noted by the global in/out of the money indicator by IntoTheBlock.

Advertisement

This remarkable change suggests that investors are ready to take SHIB to the next level. As it stands, another formidable resistance barrier worth approximately nine trillion SHIB looms ahead. Surpassing this barrier could potentially lead to a bullish uptrend, providing a welcome change for holders who have been weathering a stormy market.

Article image
Source: TradingView

However, the picture is not entirely rosy for Shiba Inu. Despite the absorption of a considerable amount of SHIB tokens, a solid price foundation is yet to form. This absence of consolidation suggests that investors are not actively accumulating SHIB at its current price level, a potential red flag for the market's bulls.

Despite the challenges, Shiba Inu managed to gain about 9% from its local bottom, indicating that there is still some bullish sentiment on the market.

Related

Interestingly, the trading volume for Shiba Inu is on a downward trend, which might seem concerning at first glance. Yet, descending volume in a bearish trend can sometimes signify an upcoming trend reversal. If that is the case, SHIB could be preparing for a much-needed rally.

From a technical perspective, Shiba Inu is oscillating between the 21-day and 50-day Exponential Moving Averages (EMAs), a zone often considered a deciding point for a future trend direction.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD