No Buying Pressure in Shiba Inu Coin, Despite Big Purchase From Anonymous Whale Wallet
Buyers in Shiba Inu coin look quite weak, as the 200 SMA turns into resistance
The cryptocurrency market has turned bullish since late June and almost all digital currencies continue to push higher, some of which like Cardano ADA and Solana continue to make new record highs. The bullish move has been consistent, with the occasional pullback lower, before the next push higher.
Bitcoin broke above $50,000 recently, while today buyers pushed the price above $52,000, which shows that they are in charge in Bitcoin and most of the crypto market. But, Shiba Inu coin has been showing signs of weakness, since it is not following the market up.
Shiba Inu Analysis – SHIB/USD H4 Chart
The 200 SMA is keeping SHIB/USD down now
In fact, this is the only cryptocurrency that remains to be bearish. It hasn’t been able to make higher highs since the crash in May, as we highlight on our SHIB/USD forecast for 2021, which would be an indication that the trend has changed. But, that’s not happening for SHIB/USD. A resistance zone has formed around $0.0000095, which has been bringing an end to all bullish attempts since June.
At least, the lows seem to be getting higher, but since the middle of August we haven’t seen any buying pressure whatsoever, at a time when the crypto market has been turning even more bullish. As we said, Bitcoin pushed above $52,000, while Ethereum broke above $4,000, so the digital currency market has been making decent gains, even Dogecoin, but not Shiba Inu.
Shiba Inu Coin Live Chart
The 200 SMA (purple) even seems to have turned into resistance for this digital coin now, rejecting it three times already. We saw a weak attempt to turn bullish in the last few days, after some positive events for Shiba Inu coin, but buyers have failed at the 200 SMA on the H4 chart and now the price has reversed down again.
An anonymous large whale/wallet bought 150 billion Shiba Inu tokens, which are worth around $1.1 million, converting their Ethereum holdings to Shiba Inu coin. The decentralized exchange ShibaSwap is expected to burn more SHIB, which would help drive up the price in theory, but in practice, Shiba Inu remains pretty weak. besides that, the community has petitioned to list the coin on commission-free exchange Robinhood and has received more than gets 18 thousand signatures so far. Yet, we are not seeing any positive reaction in SHIB/USD, which indicates that we might even see some downside pressure if the crypto market retreats lower after such a bullish run in recent weeks.
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