Dog-themed cryptocurrency Shiba Inu (SHIB) has unleashed a staggering 485% net flow surge in seven days, albeit negative, adding an intriguing twist to the positive narrative.
Dog-themed cryptocurrency Shiba Inu (SHIB) has unleashed a staggering 485% net flow surge in seven days, albeit negative, adding an intriguing twist to the positive narrative.
However, in the last 24 hours, Shiba Inu has marked positive net flows, going from -97.45 billion SHIB to 379.61 billion SHIB.
The Netflow Indicator of Large Holders In the block Provides information about changes in whale position. Positive spikes in net flow could be interpreted as accumulation by large holders, while declines point to reduced positions or sales.
Tomiwabold OlajideRegardless of the implications, an increase in net flow could indicate whale activity.
The increase in net flow at this time remains significant as SHIB approaches a critical moment in its price that could affect its near-term trajectory.
The cryptocurrency market has been closely watching Shiba Inu as it struggles to keep its price above the daily 50 simple moving average (SMA), a key barrier that has restricted its upward movement since mid-April.
For SHIB, the 50 SMA has acted as a resistance level, limiting its price in a range and preventing a bullish breakout. Since mid-April, SHIB has attempted to break above this level several times but has been rejected again, indicating hesitation in the market.
However, recent events indicate a change in the trend. SHIB price has now broken through the daily SMA 50 barrier, indicating a possible change in momentum.
Market sentiment has also played a crucial role in SHIB’s recent price action. Positive news on progress towards the approval of Ethereum spot ETFs in the US has contributed to a more optimistic outlook for cryptocurrencies, including SHIB. This change in sentiment has provided the necessary momentum for SHIB to challenge and surpass the 50 SMA.
Tomiwabold OlajideAs SHIB trades above the daily 50 SMA, currently at $0.00002467, the market is watching to see if it can sustain this. A consistent hold above the 50 SMA could pave the way for further recovery and potentially usher in a new uptrend for SHIB.
On the other hand, failure to maintain above current levels could lead to a drop in prices and further consolidation. At the time of writing, SHIB was up 0.07% in the last 24 hours to $0.00002561, according to data from CoinMarketCap.
