The dog-themed cryptocurrency Shiba Inu (SHIB) has caused a 2,139% increase in net flows from large holders. However, despite the increase, the net flow of large SHIB holders remains negative, which has several implications.
The dog-themed cryptocurrency Shiba Inu (SHIB) has caused a 2,139% increase in net flows from large holders. However, despite the increase, the net flow of large SHIB holders remains negative, which has several implications.
The increase in net flows from large holders coincides with SHIB’s rejection at the $0.0000263 resistance level, with the price declining for the second day in a row.
The Netflow indicator of large holders of In the block provides information about the change in positions of whales and investors by estimating the number of entries minus exits for these addresses. Spikes in net flow indicate accumulation by large holders, or whales, and declines indicate reduced positions, or selling.
Shiba Inu has also had entries, with a 395% increase in entries from large holders; However, inflows were offset by outflows, resulting in negative net flows for large holders.
Tomiwabold OlajideAfter a brief rally, Shiba Inu failed to maintain its bullish momentum and was rejected at $0.0000263, which emerged as a major barrier for SHIB price. This failure to break through the resistance level led to increased selling pressure from large holders.
The resistance level serves as a psychological barrier in trading, allowing sell orders to accumulate as buying momentum wanes. SHIB’s inability to break through this threshold indicates strong selling pressure on that price, leading to a temporary setback for the bulls.
SHIB is down 1.13% in the last 24 hours to $0.00002526 at the time of writing. For SHIB to regain its bullish momentum, it will need to overcome the current selling pressure and establish support above the critical resistance level. Broader crypto market trends could also influence SHIB’s performance. Bullish market sentiment could support SHIB’s recovery.
If the price recovers beyond $0.0000263, Shiba Inu will face its next major hurdle around $0.000030. Meanwhile, traders are keeping an eye on the daily 50 SMA around $0.00002465 to see if it will serve as intermediate support for SHIB prices in the very short term.
