As an analyst with years of experience observing the cryptocurrency market and its volatile tendencies, I find myself intrigued by Shiba Inu’s (SHIB) recent price behavior. The dog-themed token has been treading water, unable to break free from a consolidation range that seems to be tightening like a well-trained Shiba’s leash.
Recently, the value of the digital currency based on Shiba Inu dogs (SHIB) has shown a degree of stability, but efforts to raise its price have been thwarted by opposition.
1. Due to the overall cryptocurrency market’s instability, Shiba Inu (SHIB) has struggled to build positive momentum. The market’s feelings have been divided, as numerous investors maintain a conservative approach.
After August 5th, the range in which Shiba Inu’s price has been fluctuating has become narrower, and it hasn’t managed to reach $0.000015. This tight consolidation has prompted close scrutiny of crucial resistance and support levels. Notably, a substantial support level is emerging where approximately 134 trillion SHIB are accumulating, as Shiba Inu continues to struggle to break free from its recent price standstill.
Based on IntoTheBlock data, approximately 360,260 different wallets purchased a total of 134.46 trillion SHIB tokens at prices ranging from $0.000008 to $0.000013. This price range appears to be the strongest support for Shiba Inu.
What’s next for SHIB‘s price?
As I write this, Shiba Inu (SHIB) has seen a modest increase of 0.06% over the past 24 hours, putting it at $0.0000137. This minor uptick seems to echo the subdued market activity we’ve been observing lately.
Attention is focused on Shiba Inu coin as investors watch for signs of a strong upward trend after its recent sluggishness. To break free from its current position and make a significant climb, Shiba Inu needs to surpass certain resistance levels, particularly the daily moving averages at approximately $0.0000161 (50-day) and $0.0000205 (200-day).
If there are more drops, the significant support level for Shiba Inu is expected to be between 0.000008 and 0.000013, a region we previously noted as potentially supportive.
If the current resistance level remains strong, it could offer a solid base for Shiba Inu to make a substantial price jump. Conversely, falling beneath that level could indicate possible price drops, or more realistically, continued market stabilization for Shiba Inu.
In other words, the upcoming period could play a crucial role in deciding if Shiba Inu coin will resume its growth trajectory or experience more stability instead.
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2024-08-15 19:06