As a seasoned crypto investor with battle-hardened nerves and a portfolio that could rival Fort Knox, I must admit that I’ve seen crazier market swings than Shiba Inu’s recent performance. The dog-themed cryptocurrency’s rebound from $0.000010 to $0.00001442 was a sight for sore eyes, but the looming resistance at $0.000019 is as daunting as a Rottweiler guarding a diamond vault.
On August 5th, the digital currency based on Shiba Inu dogs, known as Shiba Inu, bounced back from a robust support level around 0.000010. This recovery persisted, peaking at 0.00001442 on Thursday, only to slightly pull back during trading on Friday.
Keeping an eye on the future direction of Shiba Inu’s price, some key resistance levels have emerged from on-chain analysis that Shib needs to surpass for a substantial price rebound to occur.
Based on IntoTheBlock’s data, approximately 487.98 trillion Shiba Inu (SHIB) tokens were purchased by around 105,280 different addresses, with the majority of transactions happening at a price between $0.000015 and $0.000019, averaging out to about $0.000017 per token.
Buying a large amount of SHIB at these prices indicates that numerous investors aim to recoup their initial investment or cash in when the price nears these points, suggesting profit-taking or breaking-even intentions.
If Shiba Inu is to experience a significant price increase, supporters (bulls) must build enough power to push the price beyond the current resistance level. If they fail to do this, there could be an extended period of stability or even a drop as sellers might take advantage of any brief upward trends.
Put simply, for Shiba Inu to advance past the $0.000019 mark, strong buying activity is required. Such a move could overcome the current resistance and possibly lead to additional price increases.
What’s next for Shiba Inu price?
Currently, Shiba Inu (SHIB) has increased by 2.52% over the past 24 hours, reaching $0.00001389. However, over the past week, it has decreased by 6.29%. If Shiba Inu maintains its current upward trend, it could potentially meet its moving averages, at which point investors expecting a decline (bears) might intensify their resistance.
If Shiba Inu’s (SHIB) price significantly drops below its moving averages, this could suggest that bears are still aggressively selling during uptrends, potentially increasing the likelihood of a further drop towards approximately $0.000010.
If buyers manage to push the price of Shiba Inu beyond its moving averages, it could suggest that selling pressure is decreasing. Under such circumstances, Shiba Inu might surge up to $0.000020. Should this happen, Shiba Inu could aim for a price level of $0.00003 next.
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2024-08-09 19:37