Shiba Inu (SHIB) Skyrockets 2,139% in Fund Flow Metric, Here’s Catch

by

As a crypto investor with some experience under my belt, I’ve learned that large holder netflows and psychological resistance levels can provide valuable insights into the market dynamics of a particular cryptocurrency like Shiba Inu (SHIB). The recent surge in large holder netflows, coinciding with a rejection at the resistance level of $0.0000263, has left me feeling cautiously optimistic about SHIB’s future price action.

Large investors have poured significant amounts into the canine-themed digital currency Shiba Inu (SHIB), leading to a remarkable 2,139% rise in holdings. Nevertheless, this influx has not managed to shift the negative net flow for SHIB among large-scale investors. This situation carries various potential meanings.

Large investor inflows have increased concurrently with SHIB failing to break through its resistance point of $0.0000263, resulting in a two-day decline in the price.

As a researcher studying the cryptocurrency market, I find the Large Holders Netflow Indicator from IntoTheBlock to be a valuable tool for gaining insights into the behaviors of whales and major investors. This indicator estimates the difference between inflows and outflows to addresses holding significant amounts of crypto.

The number of large investors holding Shiba Inu has risen by an impressive 395%, yet this growth was overshadowed by greater outflows. Consequently, there was a net loss of large holders for Shiba Inu.

Following a short-lived surge, Shiba Inu fell short of sustaining its upward trend and hit a roadblock at $0.0000263. This price point proved to be a formidable hurdle for SHIB‘s progression. Consequently, the inability to surpass this resistance triggered additional selling from major investors.

At the psychological resistance level, trading encounters a significant hurdle. Here, sell orders pile up while buying momentum weakens. Shiba Inu (SHIB) failing to exceed this barrier implies substantial selling pressure at that price mark, resulting in a brief retreat for the bulls.

Shiba Inu (SHIB) Skyrockets 2,139% in Fund Flow Metric, Here's Catch

At the moment of composition, SHIB experienced a 1.13% decrease in value over the past 24 hours, reaching $0.00002526. In order for SHIB to resume its upward trend, it is essential that it manages to surmount the existing selling pressure and create a new support level above the significant resistance point. The overall condition of the crypto market may also impact SHIB’s progress. A bullish outlook could help SHIB bounce back.

As a researcher studying the Shiba Inu cryptocurrency market, I’ve observed that if the price surpasses $0.0000263, Shiba Inu will encounter its next substantial resistance around $0.000030. Concurrently, traders are closely monitoring the daily Simple Moving Average (SMA) 50, which hovers around $0.00002465. Their focus is on whether this average will function as a short-term support for SHIB prices.

Read More

2024-06-07 16:21