Major-cap memecoins have carried on trading sideways during the United States mid-term elections. With the Democrats snatching the majority at the Senate, it appears that Shiba Inu (SHIB) was among the altcoins that have softly rebounded, erasing Monday’s deficit, but still trading below several moving-average based thresholds.
Moving-Average Ribbon Position Portrays What’s Lacking
For the popular dog-embossed memecoin, much depends if the bulls can carry the weight past $0.00000500. Applying the moving-average ribbon on Shiba Inu’s (SHIB) price, it’s crystal-clear that bulls, otherwise known as long-term believers, won’t regain the steering wheel unless the memecoin sustains above $0.00000488 first.
Then, the confluent resistance between $0.00000515 to $0.00000530 will likely decide Shiba Inu’s near-term price direction. Given that the popular meme coin secures these four ranges provided by the moving-average ribbon, SHIB can tackle the next swing high at $0.00000603. The real test will be going back to January 5th levels to erase the fifth zero.
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The moving average convergence/divergence (MACD) indicator flashed levels below zero on both oscillations. Paired with the plunge below all four moving averages within the ribbon, this hints at slacking trading volume, as it normally represents the genuine speculative demand. Netting just above $50 million on Spot, this looks small-time.
Where Shiba Inu Stands In The Broader Memecoin Picture
Other competing memecoins, such as Dogecoin (DOGE), PEPE Token (PEPE) or Official Trump Coin (TRUMP) have collectively exceeded $1.1 billion in a 24-hour time window. That partly explains why SHIB’s price is stuck below the $0.00000500 psychological threshold despite the parent chain Ethereum (ETH) reclaiming $2.3K on Wednesday.
The soft market bounce back arrives a day after Binance resumed crypto withdrawals for their clients. Shiba Inu’s (SHIB) involvement in last week’s $6.4 billion security breach is defined by the hacker’s multi-billion dollar sell-off. As previously reported, the fraudster went on to dump 499 billion Shiba Inu coins with the market quickly absorbing it.
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