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Dog-themed cryptocurrency Shiba Inu (SHIB) has triggered a massive netflow spike, but it is not all good news.
According to data from IntoTheBlock, SHIB's large holders' netflow, which provides an idea of the change in the positions of whales, surged by 1,701% in the last seven days - albeit a negative spike. This suggests that whales, or large holders, are accumulating more SHIB tokens and sending them to exchanges, possibly to sell them.
More often than not, drops in large-holder netflow typically indicate reduced positions or selling, whereas spikes might be seen as accumulation from large players, or whales. The last 24 hours saw 89.2 billion SHIB in large holders' net flow.
SHIB's price has struggled to regain its momentum following its loss of the $0.000010 level in mid-February. Since then, SHIB has been trading sideways, unable to break above the psychological $0.000010 level. At the time of writing, SHIB was trading down 0.87% at $0.0000095, according to CoinMarketCap.
SHIB might need to break above the $0.00001 resistance level and establish a clear uptrend to attract more buyers. If it fails to do so, it might persist in range trading before its next major move.
On the other hand, if declines persist, SHIB eyes support first at the daily MA 50 at $0.0000094 and then at the $0.0000093 level, which halted SHIB declines on February 21.
On the upside, Shiba Inu faces the next technical resistance between the $0.000010 and $0.000014 levels, where 150 trillion SHIB were bought by 245,670 addresses at an average price of $0.000011.
Tomiwabold OlajideShiba Inu entered a new era in the past week with the launch of Sheboshis, a hybrid token, and an NFT that adopts the DN404 standard. The SHEB token continues to gain ground with listings on cryptocurrency exchanges CoinW and LBan.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team