This year’s stock market crash has taken a toll on most cryptocurrencies. But while some begin to regain their vigor, the Shiba Inu (SHIB) seems to be floundering. In the same situation as Dogecoin a few weeks ago, the prices are weak and the chart data is not favorable.
Shiba Inu, a resistance that could be harmful to him?
The crypto market is swinging red and Shiba Inu seems to be in bad shape compared to other assets. Indeed, the exponential moving average (EMA) 200-day crypto meme does not show optimistic signals. On the contrary, it acts more like a resistance that would prevent the cryptocurrency from finding a bullish volatile breakout.
Recently, the SHIB started an uptrend, posting an increase of 16.4%. But as the sellers started to return, the price lurched again and is currently trading lower. Currently, the price is hovering around $0.000011 according to data from Tradingview against $0.0121 on October 29.
The crypto sector is not in its best shape this year. Major cryptos such as bitcoin (BTC) and ether (ETH) still stand out despite not having recovered their value from last year. However, Dogecoin (DOGE) and Shiba Inu (SHIB) are moving in a range dynamic. Compared to his 2021 ATH, Shiba Inu shows a drop of more than 80%.
The whale action does not show the direction the price will take. According to the Global In/Out of the Money indicator, approximately 100,000 addresses hold more than 452 billion SHIB purchased between $0.000014 and $0.000021. Despite the burning of a large amount of tokens, the lack is still not felt. This supply barrier acts as a crucial resistance barrier for the SHIB.
Crypto whale activity on the Shiba Inu (SHIB) is quite low. Therefore, even if the price approaches $0.000014, there is little chance that it will break through this barrier. The attitude of the major market players shows their lack of interest in SHIB at the current price.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
