Shiba Inu Comes Closer to 50-Day Trend Resistance as Whale Holdings Reach $2 Billion

By CG_Arman On Dec 25, 2021

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Shiba has hit a significant resistance, which it needs to break to allow the current rally to continue

Shiba Inu is continuing its recovery track that started in December. 20th, but isn’t getting more than 30% growth over the past few days. However, this growth may be over if the stock does not manage to overcome that technical hurdle.

50-Day Exponential Moving Average

One of the primary obstacles on Shiba Inu’s journey is the exponential moving average for 50 days that is the average of the asset over the past 50 days. If the price is above the line, the move is considered to be as bullish.

If the price does not reach the mentioned line that it can act as an resistance line because it’s the point which determines if an asset alters its trend in the mid-term or not. In the instance of Shiba the 50-day EMA was previously a trigger for it to enter the state of a severe short-term correction which resulted in the loss of 25.

Support for rally by whales

According to the data from WhaleStats The value in USD of holdings of the whale-tier has exceeded $2 billion. The last time the holdings of wallets belonging to whale-tiers reached the same amount was prior to the correction of 70% that occurred in Shiba Inu from the end of October through December. 20.

As the first signs of a improvement appeared on the Shib’s chart The massive Ethereum wallets have begun to offer enough buying power to boost the recovery further. The amount of money spent on Shiba Inu tokens has reached over $100 million in the first few days of the rally’s recovery.

As of the time of writing, Shiba Inu is trading at $0.00003841 and is just over that 50 EMA resistance which is, to date, does not mean that the token was able to break it. The resistance can be to be breached when the token is sealed over the line and continues to trade for at the very least two days without moving against it.

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