Shiba Inu faces rising exchange inflows and technical resistance
Shiba Inu saw a big spike in exchange netflows, with volumes coming closer to 3 billion.
- Key metrics. Exchange inflows surged nearly 200%
According to data from CryptoQuant, Shiba Inu (SHIB) is having one of its most erratic weeks in recent memory, with exchange inflows rising by almost 200%. According to the most recent metrics, mean inflows to exchanges more than doubled from levels earlier in the week on Sept. 24, reaching nearly 2.94 billion SHIB. Concerns regarding the short-term price stability of SHIB are raised by the fact that an increase in tokens being transferred to centralized platforms frequently indicates an increase in selling pressure.
- Technical setup. SHIB recently broke out of a symmetrical triangle but is now consolidating at $0.00001221.
On the daily chart, SHIB broke out of a symmetrical triangle structure and is currently trading at about $0.00001221, consolidating just below its key moving averages. The technical picture is still shaky, even though the price is currently holding fairly steady. The 50-day and 200-day EMAs are still acting as ceilings on the rise, and SHIB has not been able to break above resistance levels around $0.00001300–$0.00001350. A surge in inflows makes the outlook more complicated.
Uphold issues scam alert amid rise in fake X accounts
Important alert issued to XRP community
- Key warning. Uphold reports sharp increase in fake X accounts impersonating employees or support staff.
Web3 financial platform Uphold has issued a crucial scam alert to XRP and the broader crypto community. In a tweet, Uphold noted a sharp rise in fake accounts on X impersonating Uphold employees or support channels, some even displaying the standard blue check mark.
Uphold stated, most importantly, that these are not Uphold employees, as only accounts with the Uphold Verified badge (with its logo next to the handle) are official.
In the wake of fake X accounts parading as Uphold employees, the exchange warns crypto users not to engage with such accounts and also to report them. In case of doubt, they should verify information from official Uphold channels.
DOGE signals golden cross, hints at bullish recovery
Dogecoin price breakout is looming as major golden cross formation is on horizon.
- Golden cross formation. Dogecoin’s 9-day MA crossed above its 26-day MA near $0.2454, signaling a potential bullish trend.
Dogecoin (DOGE), the king of meme coins, is on the verge of forming a golden cross even as technical indicators signal a bullish recovery. In the last 24 hours, there has been a halt to the meme coin’s downward slip as it began to show a golden formation.
Notably, the 9-day and 26-day moving averages show the golden cross formation around the $0.2454 mark. This technical indicator, which happens when a short-term moving average crosses over a longer-term one, is generally a bullish signal.
- Price action. DOGE rebounded from $0.2321 lows, fueled by rising trading volume.
Investors backing the meme coin are anticipating a price recovery following this signal showcase in the altcoin. DOGE had climbed from a low of $0.2321 in earlier trading sessions, supported by increasing trading volume. Within this time frame, Dogecoin’s volume has registered a significant 10.47% increase to $3.32 billion amid rising optimism.
This came as the meme coin hit oversold conditions, as shown by its Relative Strength Index (RSI). With such a setup, DOGE’s price had nowhere else to go but to reverse its downward path. Additionally, the slight increase in the price of Bitcoin might have contributed to Dogecoin’s recovery.