Crypto
Shiba Inu Token Influx Not Necessarily Bearish News
The Shiba Inu (SHIB) token has seen a significant influx of 277 billion tokens onto exchanges, but experts say it's not necessarily bearish news. The token price has been trading relatively constructively, above several important short- and medium-term moving averages.
Despite the large inflow, SHIB is still holding above its long-term moving average near $0.00000560-$0.00000570, which is a crucial level to watch. A sustained breakdown could expose lower support levels at $0.00000540 and then $0.00000520.
However, if the token can hold above this moving average, it would maintain the bullish scenario intact, with potential targets at $0.00000590-$0.00000600 and even the recent high around $0.00000620.