Shiba Inu closely watched amid intriguing netflow surge
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For SHIB, the SMA 50 has acted as a resistance level, capping its price in a range and preventing a bullish breakout. Since mid-April, SHIB has attempted to breach this level multiple times, only to be driven back down, indicating market hesitation. However, recent developments indicate a shift in the tide. SHIB's price has now pierced through the daily SMA 50 barrier, signaling a potential shift in momentum.
Market sentiment has also played a crucial role in SHIB's recent price action. Positive news regarding the progress toward the approval of U.S. Ethereum spot ETFs has contributed to a more optimistic outlook for cryptocurrencies, including SHIB. This sentiment reversal has provided the necessary impetus for SHIB to challenge and surpass the SMA 50.As SHIB trades above the daily SMA 50, currently at $0.00002467, the market is watching to see if it can sustain this.
Failure to hold above current levels, on the other hand, could lead to a price drop and further consolidation. At the time of writing, SHIB was up 0.07% in the last 24 hours to $0.00002561, per CoinMarketCap data.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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