Investors Are Reducing Their Exposure to Shiba Inu (SHIB) for This Super Bullish Gem at $0.20
Shiba Inu (SHIB) showed some momentum recently, rebounding from early April lows near $0.00001029. The token broke above its 50-day simple moving average at $0.00001257, which had acted as resistance. On April 26, SHIB hit a high of $0.00001525, according to TradingView data. However, more than 533 trillion SHIB tokens are concentrated between $0.000015 and $0.000019. Analysts say this heavy concentration could act as a strong barrier to further gains.
The trading volume of SHIB increased significantly to $318.84 million per day. This indicates that high volume often precedes a significant price movement on the stock. However, the RSI indicator denotes that SHIB is at a low range of 35, which could mean that it is oversold hence, a rebound may be expected in case of the demand being witnessed. The Shiba Inu team also launched a new developer portal for Shibarium, which contains SDKs, RPC endpoints, and documents to facilitate development. Nevertheless, there are significant obstacles that SHIB has to overcome if it wants to go even higher:
