Netflow
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Analysis for Shiba Inu (SHIB), July 2, 2024:
1. **#Netflow Spike**:
- According to U.Today, Shiba Inu has experienced a remarkable **485% netflow spike** over the past week. While this spike is negative, it adds an interesting element to the overall positive narrative.
- In the last 24 hours, Shiba Inu has seen **positive netflows**, jumping from **-97.45 billion SHIB** to **379.61 billion SHIB**. Positive netflow spikes could indicate accumulation from large holders.
- The current rise in netflow is significant as SHIB approaches a crucial point in its price that could affect its short-term trajectory.
2. **Market Sentiment and SMA 50**:
- The cryptocurrency market has been closely monitoring Shiba Inu as it strives to maintain its price above the **daily Simple Moving Average (#SMA ) 50**. This SMA has acted as a resistance level, limiting SHIB's price movement.
- Recent developments indicate a change in the tide: SHIB's price has broken through the daily SMA 50 barrier, signaling a potential shift in momentum.
- Positive news about the progress toward the approval of **U.S. #ETHERUM spot ETFs** has led to a more optimistic outlook for cryptocurrencies, including SHIB.
3. **Recent Binance Announcements**:
- Binance recently announced the **#shiba⚡ /FDUSD Trading Pair** and eliminated maker fees. On-chain data shows that traders reacted by placing **1.95 trillion Buy Orders** on Binance.
- Additionally, a whale deposited a substantial amount of SHIB to Binance, resulting in an impressive profit of approximately **$8.3 million**.
4. **Technical Analysis**:
- #SHIB is currently trading within an **uptrend channel pattern**, with the current price level at approximately **$0.00002550**.
- The **50-day exponential moving average** is supporting the price, and the **200-day exponential moving average** is closing in below the current price, indicating a generally medium- to long-term bullish trend.
1. **#Netflow Spike**:
- According to U.Today, Shiba Inu has experienced a remarkable **485% netflow spike** over the past week. While this spike is negative, it adds an interesting element to the overall positive narrative.
- In the last 24 hours, Shiba Inu has seen **positive netflows**, jumping from **-97.45 billion SHIB** to **379.61 billion SHIB**. Positive netflow spikes could indicate accumulation from large holders.
- The current rise in netflow is significant as SHIB approaches a crucial point in its price that could affect its short-term trajectory.
2. **Market Sentiment and SMA 50**:
- The cryptocurrency market has been closely monitoring Shiba Inu as it strives to maintain its price above the **daily Simple Moving Average (#SMA ) 50**. This SMA has acted as a resistance level, limiting SHIB's price movement.
- Recent developments indicate a change in the tide: SHIB's price has broken through the daily SMA 50 barrier, signaling a potential shift in momentum.
- Positive news about the progress toward the approval of **U.S. #ETHERUM spot ETFs** has led to a more optimistic outlook for cryptocurrencies, including SHIB.
3. **Recent Binance Announcements**:
- Binance recently announced the **#shiba⚡ /FDUSD Trading Pair** and eliminated maker fees. On-chain data shows that traders reacted by placing **1.95 trillion Buy Orders** on Binance.
- Additionally, a whale deposited a substantial amount of SHIB to Binance, resulting in an impressive profit of approximately **$8.3 million**.
4. **Technical Analysis**:
- #SHIB is currently trading within an **uptrend channel pattern**, with the current price level at approximately **$0.00002550**.
- The **50-day exponential moving average** is supporting the price, and the **200-day exponential moving average** is closing in below the current price, indicating a generally medium- to long-term bullish trend.