u.today
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.
Shiba 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.