Shiba

Shiba Inu

Daily

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Dog-themed cryptocurrency <a href="https://u.today/shiba-inu-targets-000005-can-106-trillion-shib-break-even" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> 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.
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 <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a> data, Shiba Inu is seeing a negative 3,015% NetFlow, indicating that whales may be reducing their positions given the ongoing market uncertainty.
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.&nbsp;
<h2 id="shiba-inu-facestoughbattle-at-key-resistance">Shiba Inu faces&nbsp;tough&nbsp;battle at key resistance</h2>
Recently, SHIB enthusiasts watched with bated breath as the token surged, only to face a formidable barrier at a key resistance level. <img alt="TradingView" data-entity-type="file" data-entity-uuid="524b57fd-9728-4f83-8a5c-336ff2e7932c" src="https://u.today/sites/default/files/inline-images/19052024%200000.png"><a href="https://www.tradingview.com/x/ALxI8hOq/" rel="noopener noreferrer nofollow">SHIB/USD Daily Chart, Courtesy: TradingView</a>
<a href="https://u.today/shiba-inu-shib-suddenly-gains-7-in-hour-heres-whats-happening" rel="noopener noreferrer nofollow">Shiba Inu</a> 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.
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.

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

Table of Contents

U_Today

Other articles published on May 19, 2024

How Does Tether Influence US Treasury?

From $100 to $35,000: Top Altcoins to Buy

Kraken Confirms Continued Support for Tether’s USDT in The EU

MoonBag Opens New Doors To Unparalleled 15,000x ROI! XRP-SEC Dispute Results In Price Decline! AA...

El Salvador displays strong reserves of bitcoins

Gemini Earn To Return Funds After Genesis Bankruptcy Approval

Join our free newsletter for daily crypto updates!