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Dog-themed cryptocurrency Shiba Inu has flashed a key signal on its hourly chart. In what might be concerning, the moving averages on the Shiba Inu hourly chart have created what could be considered a bearish crossover.
Shiba Inu is flashing a "death cross" signal as the hourly moving average of 50 has dropped below the moving average of 200, indicating waning short-term price momentum.
At the time of writing, SHIB was down 0.47% in the last 24 hours to $0.000007208. However, caution should be borne in mind when utilizing crossover signals. This is because false signals are possible, so it might be essential to confirm any crossover signal with other technical indicators.
Since the "death cross" signal appears on the hourly chart, it might be important to look at the bigger picture and consider other readings.
A zoom-out from the daily chart indicates that the Shiba Inu price is still consolidating. This current range encounters a barrier between $0.0000076 and $0.0000077. Meanwhile, the range's low point is $0.00000696.
Shiba Inu's net flows are up 464%
Despite the stagnation seen for the Shiba Inu price, large holders, or whales, continue to make their moves, often accumulating while prices are down or stagnating.
In this regard, data from IntoTheBlock shows that Shiba Inu is seeing a positive netflow increase of 469% in the last seven days and even a spike of 532% in the last 30 days.
Tomiwabold OlajideThe Large Holders Netflow indicator shows the change in the positions of whales and investors with more than 0.1% of the supply. Thus, Netflow spikes can be a sign of accumulation from large players, or whales.
Shiba Inu focuses on utility as its fundamental value in its quest to shed its meme coin status. Shytoshi Kusama, Shiba Inu's lead, generated a sense of excitement in the SHIB community when he commented on "secret" AI initiatives for Shiba Inu in partnership with ecosystem partner Bad Idea AI.
Alex Dovbnya
Dan Burgin
Vladislav Sopov