Shiba Inu Aims for Breakout Above 200-day SMA as DOGE Whales Accumulate
Shiba Inu (SHIB) aims to maintain a position above the 200-day SMA. The token rose from $0.00001287 to $0.00001312, marking a 2% increase in 24 hours. Current trading is near the 200-day SMA of $0.00001300, with previous breakout attempts failing twice in the last month.
The latest attempt shows increased trading volumes, with 943.1 billion tokens traded as SHIB approaches the 200-day SMA, indicating potential institutional investment.
Key technical insights
- Price increased by 2% from $0.00001287 to $0.00001312.
- Support established around $0.00001270 with consistent buying.
- Resistance at $0.00001300 breached amid high volume.
- Peak price reached $0.00001316 on a volume of 943.1 billion tokens.
- Psychological support at $0.00001300 maintained during rally.
- Destruction rate of SHIB rose by 1,682%, with 1.3 million tokens removed from circulation.
- Daily transactions on the Shibarium network exceeded 1.2 million.
- Financial markets expect 100% probability of U.S. interest rate cuts in the next eight days.
- Institutional interest in SHIB derivatives increased, with open interest up by 4%.
Dogecoin whale stash rises
Dogecoin (DOGE) has surged over 10% in one week, driven by anticipation for a spot DOGE ETF approval in the U.S. Whale wallets holding between 1M and 10M DOGE have increased their holdings to 10.91 billion DOGE, the highest in nearly four years, representing 7.23% of the total supply.