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Shiba Inu (SHIB) Surges 3,015% in NetFlow Spike, but There's Catch

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Sun, 19/05/2024 - 12:31
Shiba Inu (SHIB) Surges 3,015% in NetFlow Spike, but There's Catch
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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a staggering 3,015% surge in large holder NetFlow, which provides an idea of the change in positions of whales. However, this remarkable spike comes with a catch.

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A positive NetFlow typically suggests accumulation, where whales are buying up SHIB tokens, while a negative NetFlow can imply reduced positions or selling.

According to IntoTheBlock data, Shiba Inu is seeing a negative 3,015% NetFlow, indicating that whales may be reducing their positions given the ongoing market uncertainty.

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This NetFlow surge is a double-edged sword. On the one hand, it reflects increased interest in SHIB, as large holders transfer substantial amounts of the token. On the other, it raises questions about whales' positioning. Are whales positioning themselves for a sell-off or protecting their assets in response to market conditions?

The timing of this NetFlow spike is particularly noteworthy as Shiba Inu faces a tough battle at the daily SMA 50. 

Shiba Inu faces tough battle at key resistance

Recently, SHIB enthusiasts watched with bated breath as the token surged, only to face a formidable barrier at a key resistance level.

TradingView
SHIB/USD Daily Chart, Courtesy: TradingView

Shiba Inu saw a massive surge on May 15, surging from lows of $0.00002286 to highs of $0.00002558, printing a giant green candlestick in the process. SHIB sustained its gains to reach highs of $0.00002589 on May 16 after which it faced rejection owing to the massive barrier around this range.

The resistance in question has proven to be a big barrier to SHIB's price, which is currently struggling to maintain its upward momentum. Technical analysts closely monitoring SHIB's performance note that the token's price has been attempting to break through this resistance for several days.

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The resistance level, identified by the daily simple moving average (SMA) 50 at $0.00002487 has been a tough nut to crack. Despite several attempts by the bulls to push the price beyond this level, SHIB has continually closed lower, signaling a tug-of-war between buyers and sellers.

At the time of writing, SHIB was down 0.40% in the last 24 hours to $0.00002476.

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