Crypto News
Shiba Inu Seeks to Surpass 200-Day SMA as DOGE Whales Accumulate
Shiba Inu is working to establish a foothold above the 200-day simple moving average amid rising trading volumes.
1 min read
Key Points:
- Shiba Inu (SHIB) aims to secure a positional breakout above the 200-day simple moving average as trading volumes rise.
- In the past 24 hours, SHIB’s price climbed by 2%, with strong support near $0.00001270 and resistance at $0.00001300.
- Meanwhile, Dogecoin whales have significantly increased their holdings, reaching almost four-year highs amid anticipation of a spot DOGE ETF approval.
Current Analysis:
As Shiba Inu (SHIB) strives to lift above the 200-day simple moving average (SMA), its price has seen substantial movement amidst supportive trading conditions. SHIB rose from $0.00001287 to $0.00001312, reflecting a substantial appreciation.
Trading Volume Insights:
Reported trading volumes surged to 943.1 billion tokens, signaling potential institutional activity and validating the breakout prospects.
Technical Details:
- The price gained from $0.00001287 to $0.00001312, signifying a 2% increase within the day.
- Stable support around $0.00001270, with persistent buying interest.
- Resistance levels were tested at $0.00001300 under heightened volume conditions.
- Psychological support was upheld throughout the rally phase.
SHIB is aiming high
SHIB targeting the 200-day SMA. (Source: TradingView/CoinDesk)
