Shiba Inu trades below key moving averages as memecoins remain flat

Major-cap memecoins have continued to move sideways during the recent United States mid-term elections. With Democrats securing a majority in the Senate, Shiba Inu (SHIB) managed to recover from early-week declines, briefly reversing Monday’s losses, but the token remains under critical moving average thresholds. Shiba Inu faces a decisive technical barrier around the $0.00000500 mark, which analysts consider a key price for bullish momentum. The moving-average ribbon applied to SHIB’s chart highlights that the asset must first hold above $0.00000488 for a potential upward trend to be sustained.

Source: CoinTurk News