The post The Reasons Behind Price Surge and Retracement appeared on BitcoinEthereumNews.com.

The various developments in the Shiba Inu ecosystem have aligned very well with the market movement. As soon as Bitcoin started moving up since September 26, Shiba inu started rising shoulder to shoulder. In the last two days, Shib has surged over 45%. But why is it falling now, let’s analyze. The Surge in Shiba Inu Price  On September 25, Shiba was trading at $0.00001503 and as soon as Bitcoin started the uptrend, Shiba also took the support of moving average 50 and started to surge, as per hourly shib chart. It reached a peak at $0.00002169 before plummeting 8%. The fall price received support from the 20 hourly moving average. Reason for the fall? There are multiple reasons why Shiba Inu had to retrace its steps. The first reason is the presence of resistance at $0.00002230. This particular zone has played as a good support in the past and hence it now has become a resistance. Another reason is the presence of 200 daily moving average just above the current trading price of shib i.e. $0.00002013. In addition to these reasons, the RSI is also giving the overbought signal. To balance this Shiba Inu either has to stay in a consolidation zone or take back some steps. The area around $0.00001930 is a good support and can hold the price in case of a price drop.  Is the Shib army in Profit? According to the data by IntoTheBlock, 57% of the shib investors are in profit at the current price. 36% are still in loss however there are 7% investors who bought Shiba Inu at the current price. Another reason for the price drop is the presence of around 145.65k shib wallets holding around 49.21 trillion tokens. These are the people who are still waiting to enter the profit…

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Filed under: News - @ September 28, 2024 12:06 am