- Shiba Inu token price action gave an outstanding rally up to 0.00003959, and then suddenly, a massive sell-off came, which created a panic among investors
- Shiba Inu’s price levels got a sudden spike, After getting listed on Binance, Kucoin, Crypto.com, and OKex exchanges
- The 24-hour volume in SHIB is $4,623,755,365, with a decline of 39.36%
The 4-hour technical chart of Shiba Inu token price action projects a short-term recovery in the momentum. According to pivot points, SHIB’s critical support level is $0.00001472. Whereas if it jumps up, the crucial resistances to watch are $0.00002839.
Hence, the chart also features a bearish pin bar candle showing a bearish trend with medium reliability.
The Exponential Moving Average (EMA), consisting of EMA 20 & 50, acts as solid support in the asset price levels. EMA 20 is above EMA-50, indicating a positive trend. Investors may perceive the price is struggling between both EMA. So until the price remains between both EMA, it will ensure the SHIB sideways momentum.
The MACD gives (Bearish) crossover beneath signal line indicating sell signal in the coin for the additional trading days. Investors may observe fading red bars in the Histogram, signaling a positive crossover may soon happen.
The volume of (10.97K) showcases a low volume below the Volume MA (38.14K) of 20-days. SHIB requires high buying pressure to drive its price levels to excessive levels. Investors may also observe declining volume in the chart, indicating big moves ahead.
Vitalik Buterin’s Major Holding In Shiba Inu Token Got Swapped To Several Other Addresses
Shiba Inu tokens are witnessing a sharp dump of supply for several days. SHIB is 100% decentralized and a meme-based token. According to the community, half of the tokens were with Vitalik Buterin, and the rest half were locked in a Uniswap pool while keys were burned. However, it also claims that it is the same token as AKITA INU, built on different token metrics.
Now, the question is, if the half supply is locked in a uniswap pool and the key is burned, then who will dump the tokens?. Vitalik Buterin, as the 50% supply was with him, dumped or transferred all his tokens to several Uniswap’s pools and 5% for the Covid relief fund. Also, a few hours later, he bought back 2193612748362 quantities of SHIB two days ago.
The investors seem trapped, and may Vitalik Buterin dump other holdings for some kind of donation or for himself. So, investors will be advised to invest only in the Top 100 coins of the coinmarketcap legit projects and not some meme coins with zero use case.
Shiba Inu token price was trading at $0.00001989 with 3.16% negative daily and 598% positive returns in the weekly period. Technically, the price is showing minor signs of recovery. With the support of buying pressure, the price may again pump in a future trading session, but who knows when the next dump is coming.
Resistance: $0.00002839
Support: $0.00001472