Shiba Inu (SHIB) faces selling pressure from 100 EMA!
The project behind Shiba Inu emphasizes creating a decentralized, community-driven open, and fair ecosystem. It aims to be a decentralized exchange (DEX) and a new standard for digital collectibles using the SHIB token. One of the unique features of Shiba Inu is its extremely high total supply of over one quadrillion tokens.
This large supply is intended to help keep the token’s value low and accessible to a wider group of users. SHIB token is also noteworthy for its use of a unique distribution model called “ShibaSwap,” which allows users to stake their tokens to earn a return instead of the traditional way of buying and selling on an exchange. This can help foster a sense of community ownership and engagement with the project.
Shiba Inu maintains its presence in the top 20 tokens, if not in the top ten. The value of meme coins is on the rise again. On fundamental levels, inflation might drive investors toward crypto applications, or there might be a positive use case for this token. With a market capitalization of $4,901,753,757, the SHIB rally is not stopping.
Shiba Inu reaches closer to testing its short-term resistance zone from the 100 EMA to 200 EMA curve. The zone between these levels would witness massive volatility in case the rally faces selling pressure from trapped investors. Read our SHIB coin price prediction to know how the volatility will be in SHIB for the next few years!
Shiba Inu marks the first double-digit gain since November 10, 2022, which would be two months of unsustaining price action. The outlook for the SHIB token could continue improving with each resistance it overcomes, as it has momentarily captured the 100 EMA curve, but just as the token overcame the 100 EMA curve, a profit booking stance developed at Shiba Inu.
As the RSI indicator started to show an overbought zone on momentary trades, it triggered profit booking on a fundamental scale. However, as the token has barely moved from its recent dip of December 2022, a profit-booking scenario is highly unlikely.
MACD indicators continue to move positively towards strong resistance developed at $0.00001301. Shiba Inu’s immediate resistance of $0.00000945 falls alongside the 100 EMA curve, and things might improve in the coming days. The resultant price action as a result of intensified selling activity pushed the token marginally after the January 10 rally.
From the reaction of token holders after a decent gain, Shiba Inu has created the first big red candle for 2023, which could be the beginning of further consolidation or negative movement in the coming days. As the immediate resistance has again started to dictate heavy pressure, a fresh buying swing would be the only hope for breaching the strong resistances mentioned above.
