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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.
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.
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.
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.
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.