As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I find myself intrigued by the current state of Shiba Inu Coin (SHIB). The price action is at a critical juncture, with only two major resistance levels standing between it and reclaiming previous yearly highs. This is an exciting prospect for investors who have been holding onto their SHIB tokens through thick and thin.
As a researcher, I find myself at an intriguing point in observing the Shiba Inu Coin’s price trajectory. Just two significant resistance levels lie ahead before it could potentially revisit last year’s highs. Meanwhile, the burn rate of SHIB tokens on the Shibarium network has escalated for the second time this week, suggesting heightened activity within the ecosystem. This development comes hot on the heels of the announcement that Shibarium’s first games will soon be unveiled, stirring enthusiasm within the Shiba Inu community.
Hope for $7B SHIB as Traders Push For Shiba Inu Coin Price Breakout
According to Santiment’s data, there has been an uptick in the number of active Shiba Inu addresses since August 18, reaching a two-week high on August 20. Interestingly, the price started decreasing on August 21 even as more active addresses were noted. This was an unusual pattern called a bullish divergence, which often leads to price rises. After this breakout, there was a significant increase in whale activity, indicated by large red spikes, suggesting they might have been offloading their holdings, causing the price to dip soon after.
Whales’ ongoing profits are prompting traders to seize the moment during price adjustments by increasing their long positions. Based on the Coinglass Liquidation Map, a massive $2.35 million in cumulative Long liquidation Leverage has been recorded, nearly double the amount of Shorts. This imbalance indicates that bullish sentiment is predominant in the SHIB market as traders expect prices to climb even further.
Examining IntoTheBlock’s data reveals a significant number of investors seem to be struggling with their Shiba Inu (SHIB) investments. The IOMAP data indicates that approximately 106,000 addresses holding around $7 billion worth of SHIB tokens are underwater, which means they bought the tokens at prices higher than their current value. The majority of these purchases were made at an average price of roughly $0.000017, representing a difference of 21% from the present price level.
Approximately 85% of the total Shiba Inu Coins are currently held at this price point. If the coin’s value surpasses this level and continues to climb, there may be minimal resistance preventing it from escalating further. This could lead to a swift return to its highest points seen within the past year.
Obstacles to Break for SHIB to Hit $0.00001700
The graph indicating the value of Shiba Inu Coin suggests a possible bullish surge following its period of consolidation. Although the price is currently fluctuating within a certain range, it has managed to surpass a significant resistance point at $0.00001404. This upward movement could be indicative of strong potential growth.
The SHIB price is presently attempting to surpass the resistance at 0.00001476 USD. If it successfully breaches this barrier, it could potentially lead to additional growth, with a potential target around 0.00001700 USD. However, at this higher level, the price might encounter more significant selling forces.
From my analysis, the Bollinger Bands and Relative Strength Index indicate heightened volatility and a possibility of prolonged uptrend, hinting at potential further increases in value.
A prolonged surge surpassing $0.00001476, accompanied by substantial trading activity, might point to a bullish turnaround initiation. If this surge is verified, potential long-term gains could reach up to $0.00002000, though this depends on overall market trends. However, as the Relative Strength Index (RSI) nears overbought territory, it might suggest the need for caution or partial selling to secure profits.
As a crypto investor, I find myself cautiously watching the Shiba Inu price trends. If the bears continue to dominate, the asset could slide down to approximately $0.00001300 and possibly even lower, which might call into question the bullish outlook. The previous resistance level of $0.00001404 for Shiba Inu coins has now become a potential support point for price stabilization.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- AAVE PREDICTION. AAVE cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
2024-08-22 12:28