Shiba Inu’s [SHIB] short-term upside might be limited, here’s why

ShibaInu's [SHIB] short-term upside might be limited, here's why

that peaked on 29 December. The transaction volume dipped for the next few days until 5 January, when there was another spike in transaction volume.Moreover, there was an interesting correlation between the transaction volume and address activity. There was a surge in 24-hour active addresses from 26 December – 1 January before activity quickly tapered out. There was another resurgence of address activity from 4 January until the time of writing.

by as much as 12% from its December lows, which resulted in an interaction with the 50-day moving average.The interesting thing here is that the 50-day MA acted as a signal for profit-taking. This also happened as the RSI touched its mid-point, thus contributing to another sell signal. Hence the recent surge in ETH whale volumes might actually be sell pressure. The price has since then dropped by roughly 5% to its press time price.

SHIB’s recent upside looks like it was backed by low activity, thus the lack of strong momentum. ETH whales may thus have taken the advantage of cashing out some profits. Thus, SHIB may enter aRead the best crypto stories of the day in less than 5 minutes

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