Shiba Inu seems to be flashing some positive signs on the price charts, but its short-term may not be as positive. Heres's why...
Multiple indicators suggested that SHIB can drop further, rather than achieving the anticipated breakoutto its highest point of the year at $0.00004567, the popular memecoin has since reversed most of these gains. In fact, it has lost over 71.69% of its value.
Despite expectations of an acceleration following a bounce off the local support at $0.00001266, the buying pressure seemed to be insufficient to break through the upper resistance line. Positive exchange netflows usually signify more cryptocurrencies moving into exchanges than out – A sign of selling intent.AMBCrypto’s analysis also found that positive exchange flows were correlated with a hike in active addresses, asfalling further is high, especially if the Exchange Netflows and active selling continue at their current rates.Finally, indicators such as the Aroon line and the Money Flow Index implied an upcoming drop that could further depress SHIB’s price.
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