As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve closely observed Shiba Inu (SHIB) and its price action over the past few months. The cryptocurrency has displayed a remarkable resilience despite the volatility in the broader market.
The price of dog-themed cryptocurrency Shiba Inu (SHIB) might be on the verge of a big move.
In the past few days, Shiba Inu’s price has settled around $0.000017 after experiencing volatile swings. Following the significant sell-off in mid-April, SHIB has mostly traded within a limited range below its Daily Simple Moving Average (SMA) 50. Towards late May, buyers attempted to push past this critical resistance level; however, their attempts were unsuccessful as Shiba Inu dipped back under its Daily Moving Average (MA) 50 after hitting a high of $0.00002940 on May 29th.
The consolidation of Shiba Inu around the daily Simple Moving Average (SMA) 50 line has persisted for several months now. The market is eagerly anticipating a potential short-term breakthrough.
In this respect, investors are closely monitoring a significant threshold that could determine Shib’s upcoming major price shift.
As a crypto investor closely following Shiba Inu’s price movements, based on on-chain data analysis, the noteworthy price level to keep an eye on is $0.000018. This particular price mark holds significance due to the substantial number of SHIB tokens being held by investors at that point.
Based on information from IntoTheBlock, a remarkable 434.97 trillion SHIB tokens were purchased by approximately 37,560 wallets at prices between $0.000017 and $0.000019, with an average transaction price of $0.000018.
What’s next for SHIB price?
Currently, SHIB is decreasing by 0.93% over the past 24 hours to reach $0.00001724. Observers are closely monitoring SHIB’s price movement as it nears the significant level at $0.000018. This crucial point holds a large number of tokens, and its impact on SHIB’s future trend is uncertain. A surge could lead to a rally, while a breakdown might result in further declines or a period of stability.
Should the SHIB price surpass this point, it could ignite a bullish surge, drawing in additional purchasers. The subsequent resistance level would then be at $0.00002. A victorious advance might propel SHIB up to $0.00003.
An alternative scenario is that Shib may continue to trade within its existing price range, with the market looking for a significant price surge before making a move upwards.
As a researcher studying the SHIB cryptocurrency, I have observed that the sentiment in the broader cryptocurrency market can significantly impact SHIB’s price action. When there is positive sentiment across the crypto market, it can provide a boost to SHIB’s price recovery. Conversely, negative sentiment in the overall crypto market might intensify selling pressure on SHIB, leading to a potential price decline.
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2024-07-24 14:36