$SHIB attempt to move upward is not over yet as the cryptocurrency is on the verge of another potential surge
enthusiasts. The token saw a 14% reversal, managing to stay buoyed above the $0.000009 mark. For investors closely tracking SHIB's performance, this offers a glimmer of hope, especially as the digital currency grappled to maintain its position above $0.00001 recently.
This hopeful rally comes after a somewhat tumultuous period for Shiba Inu. It was only recently that the token experienced a sharp setback upon failing to sustain its position above the 200 EMA. This significant resistance level, once breached, was expected to act as a robust support, but instead, encountered heightened selling pressure. This downward pressure led not only to a price decline but also invalidated the token's recent positive rally and breakthrough.One of the primary culprits behind this precarious performance seems to be the notable profit-taking activity from cryptocurrency whales. Analyzing the on-chain data reveals a surge in large transactions on the Shiba Inu network.
Furthermore, despite the release of the much-anticipated Shibarium, there have not been sufficient fundamental growth drivers to propel SHIB upward. This, coupled with the evident whale activity, has made the digital currency's journey above the $0.00001 threshold a challenging endeavor.Cryptocurrency enthusiasts and traders are accustomed to the unpredictable nature of the market, but sometimes even expected patterns throw curveballs. Such is the case with Ethereum recently.
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