New Delhi: After a week-long green rally, Coins like Shiba Inu and Dogecoin are consolidating and experts have a bearish outlook on their prices. Bitstamp CEO Julian Sawyer is not happy with meme-based coins. Sawyer has said that Bitstamp will not deal with smaller cryptocurrencies such as Dogecoin and criticized Tesla CEO Elon Musk’s tweets that led to DOGE price swings.
It is interesting that influencers that promote these meme-based coins on social media platforms do not own enough of these coins to get the benefit from the price swings. But, these promotion strengthens the coin’s community and investors in the crypto.
Billionaire entrepreneur and owner of Dallas Mavericks, Mark Cuban shared details of his holdings in DOGE.
Talking about DOGE, SHIB, or KISHU, the main concerns of the investors are lack of liquidity and centralization. As per reports, 90% of Shiba Inu and 63% of the DOGE is concentrated in the wallets of large holders.
On August 16, Shiba Inu triggered a constructive base after multiple false attempts and an erratic price structure. The breakout quickly introduced profit-making suggesting a bear trap.
-10.75% reversal on August 17 has put SHIB investors in the defensive mode as the coin showed a double-digit loss from the handle high entry price.
SHIB’s price reversal has spotlighted the support framed by the 50-day SMA at $0.00000729 as it is the make or break level as per the cup-with-handle breakout. The shar[ reversal can be a brief reaction to the overbought reading and not a bull trap.
To break out from here, SHIB needs to log a daily close above the breakout high of $0.00000949 as of August 16. If this not happens then Shiba Inu speculators will be locked in a directionless cryptocurrency, say experts.
As per FX street, analysts have evaluated that SHIB could be heading next as it seems going for a correction before another run-up
