Shiba Inu Surpasses 1.1 Million Holders
The Number Of Holders Keeps Growing, But Shiba Inu Fails To Develop Sustainable Upside Momentum
According to the data from Etherscan, the number of Shiba Inu holders has recently surpassed the 1.1 million mark. The number of new holders keeps growing at a robust pace, but these new holders have so far failed to provide sustainable support to Shiba Inu.
This an important point to consider for Shiba Inu traders. On the one hand, the popularity of Shiba Inu continues to grow as more people put their funds into the coin. On the other hand, it is obvious that these new holders hold mostly small positions in Shiba Inu – otherwise, the steady increase in the number of new Shiba Inu holders would have pushed the coin higher.
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Even more importantly, the steady increase in the number of new holders at a time when Shiba Inu remains in a downside trend means that “big money” is getting out of the coin, which is a fundamentally bearish development.
Shiba Inu Failed To Break The Downside Trend
Shiba Inu has recently moved back below the 50 EMA at $0.00003735 and the 20 EMA at $0.00003555, which indicated that the recent attempt to gain sustainable upside momentum yielded no results.
The general trend remains bearish, and all attempts to rebound in recent months have been met with strong selling. In order to develop sustainable upside momentum, Shiba Inu needs to settle above the 50 EMA and get above the resistance level at $0.3990.
On the support side, the key level is located near December lows at $0.2915. If Shiba Inu declines below this level, it will likely gain significant downside momentum and move towards the support level near $0.000027.
Taking a look at H1 chart, we can see that Shiba Inu managed to stabilize after the recent pullback. Trading is calm as many traders prepare to celebrate the New Year. Those traders who are still sitting behind their screens will likely have to wait for the beginning of the next year to see big moves.