As a seasoned crypto investor with several years of experience under my belt, I have learned to keep a close eye on emerging trends and price movements within the market. The recent surge in Dog-themed cryptocurrency Shiba Inu (SHIB) has piqued my interest, as it seems poised for significant gains if it can surmount key resistance levels.
If the resistance level for Shiba Inu’s (SHIB) canine currency is broken, there could be a notable shift in its pricing.
Shiba Inu has experienced a surge, rising by 2.88% over the past 24 hours and now trading at a price of $0.0000178 within the broader crypto market uptick. Should today’s closing be positive, SHIB will have achieved four consecutive days of growth.
Significantly, Shiba Inu (SHIB) displayed a promising trend over the weekend. It gradually gained altitude after bouncing back from its Friday trough of $0.00001578.
As an analyst, I’ve observed that SHIB has experienced a notable bounce back, reaching almost three-week highs. Bulls are now eyeing potential resistance levels for further gains. If the bullish trend continues, SHIB could potentially see upside gains of around 50%. However, this optimistic outlook comes with caveats. Currently, SHIB is facing a substantial resistance range that could hinder its progress upward.
As a crypto investor, I’ve noticed that SHIB‘s price has experienced a significant uptick lately. Reaching this point, we find ourselves at a crucial juncture. Overcoming the next resistance level might open up an opportunity for considerable profits.
422 trillion SHIB held at critical price range
Based on IntoTheBlock’s latest findings, approximately 422.56 trillion SHIB tokens are being stored in 36,730 wallets with balances between $0.000017 and $0.000019, at an average purchase price of $0.000018.
At the current stage, the large amount of SHIB accumulated in various wallets serves as a potential barrier to further price growth. These holders may consider selling once the market value equals their initial investment cost, thereby recouping their losses. Consequently, this level could impede any further price advancement within this price bracket.
From my perspective as an analyst, if Shiba Inu (SHIB) investors choose to hold their positions instead of selling at the current price range, there’s a possibility that this decision could fuel a bullish trend. Consequently, it may serve as a catalyst for even more significant price increases for SHIB.
As a crypto investor, I believe Shiba Inu (SHIB) could be aiming for a new price milestone of $0.000025 in the near term. This represents an impressive jump of over 50% compared to the current market value.
Over the next few days, the mood of the entire crypto market will be significant. When Bitcoin and Ethereum, among other prominent cryptocurrencies, experience a bullish trend, smaller altcoins such as SHIB can also benefit from this positive momentum.
Traders need to keep an eye on the upcoming moving average intersection on SHIB‘s daily graphs as it could influence SHIB’s price trend in the near future.
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2024-07-15 16:41