Prominent memetoken trying to break above important resistance level
Despite the problematic price performance of SHIB we saw recently, the famous Memetoken is now moving upwards against the assumptions of most analysts regarding the dog-themed cryptocurrency.
Getting closer to 50 EMA
The exponential 50-day moving average is an important price level that needs to be broken for the price to reach more significant price levels. After a breakout, SHIB would officially enter an uptrend and bring some profits back to investors.
Unfortunately, the above breakout will not bring the Shiba Inu back above the 50% profitability level. To become profitable once again, SHIB needs to move above the $0.00002 price level.
Previously, the majority of retail investors liquidated around the price and then looked for entries further down when the memetoken was close to $0.00001. From what we see today, Shiba Inu faces a major spike in selling pressure every time it manages to break through local resistance levels because of the high concentration of tokens in the hands of small and mid-size whales.
Volume still fading
Despite the positive price performance, Shiba Inu trading volumes are still declining, which is why the token’s volatility remains at extremely low levels. Such a trend is a downside factor for a coin that relies heavily on speculative attractiveness.
The fundamental growth of the Shiba Inu ecosystem was not enough to put it on the same row as such industry giants as Ethereum or Cardano. The usability of the token is mostly tied to the Shibarium Metaverse, which remains in development.
As of press time, Mematocoin is trading at the $0.0000011 price level and is showing a slight increase of 2% over the past 24 hours.
