Shiba Inu (SHIB) Enters Top 6 Most Profitable Assets List
Shiba Inu could not evade the pressure from the whole cryptocurrency market over the weekend sell-off, but it did display one of the largest and strongest retraces on the market, according to CoinMarketCap.
According to the website, SHIB is presently the sixth fastest rising asset in the previous 24 hours, beating other cryptocurrencies such as Ethereum and Cardano.
The key reason for such rapid development might be the appeal of assets with little capitalization and liquidity, which tend to provide higher profits during short-term market fluctuations.
Shib is also receiving assistance from ongoing burning activities, such as the most recent Amazon-powered burn of over 70 million memetokens.
Despite a relatively low USD value of burned tokens, the SHIB burning event still attracts a lot of attention from retail traders and investors.
With a 12% gain in the previous 24 hours, SHIB encountered the first resistance line on the daily chart, which might be a short-term consolidation or possibly a reversal point.
The barrier indicated is the 21-day exponential moving average, which is in charge of reflecting short-term movements in the bitcoin market.
Shiba Inu, however, broke through every viable mid-term support line after falling below the $0.00001 level and is now depending solely on shorter-term indicators like as intraday moving averages.
Shiba Inu, on the other hand, has broken through every credible mid-term support line since falling below $0.00001 and is now relying primarily on shorter-term indicators such as intraday moving averages.