Depressing Charts for Shiba Inu Buyers, While Most Cryptos Keep Making Gains
Shiba Inu is not showing signs of life, while other cryptos have turned quite bullish
As we have highlighted many times in the last few days, cryptocurrencies have turned bullish suddenly, without much of a reason, since the war on cryptos wages on. But the public still has a major interest in digital coins, which will only keep increasing in the coming years.
Amazon denies the claims that it will accept Bitcoin as a means of payment this year, and this has sent the crypto market retreating lower.However, that didn’t keep it down. Most cryptocurrencies have been running higher for about a week, and the upside is picking up further speed, with Bitcoin (BTC) pushing above Monday’s highs and reaching the highest levels since mid-June.
Shiba Inu Live Chart
RIPPLE XRP is also quite bullish. It has made a breakout and gained around 50% in value since last Wednesday, while BITCOIN has gained more than 30%. So, the momentum has turned quite bullish in the crypto market, but Shiba Inu is not benefiting from it. Gains have been minimal and moving averages are still keeping the SHIB/USD down on most time-frames.
At the top of this chart, we see that the price moved above the 50 SMA (yellow) on Monday, but failed to push above the 100 SMA (green) on the H4 chart. The price reversed back down, and now the 20 and 50 SMAs are still keeping Shiba Inu on a downtrend, as highlighted on our SHIB/USD 2021 Price Prediction.
Shiba Inu Analysis – SHIB/USD Daily Chart
The triangle is tightening the range for SHIB/USD on the daily chart
The triangle is tightening the range for SHIB/USD on the daily chartOn the daily chart, we see that Shiba Inu remains on a descending wedge, with highs getting lower and the moving averages also providing resistance. The 20 SMA (gray) and the 50 SMA (yellow) are also pushing the price down on this timeframe, so there’s no hope in sight for SHIB/USD buyers anytime soon.
Rumour has it that Binance added 75 trillion Shiba Inu coins to its wallet after paying a whopping $500 million. Binance’s wallet was valued at 5 trillion dollars when they purchased, but it later surged to 80 trillion dollars in just one day. However, this has not yet been confirmed by Binance. Yet, Shiba Inu hasn’t benefited from this either, even if it’s just a rumour. So, the future seems bleak for SHIB/USD, which has been stagnating near the lows, while the crypto market has turned quite bullish.
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