As a seasoned analyst with over two decades of market experience under my belt, I have seen my fair share of bull runs and bear markets. The current rally in Bitcoin has been nothing short of extraordinary, and it appears that Shiba Inu (SHIB) is looking to capitalize on this momentum.
The cost of Shiba Inu may soon surge past a crucial bullish turnaround pattern, following an upswing in market movement sparked by Bitcoin hitting a fresh record peak. If successful, this breakout could potentially bring $3.45 billion in gains to current and out-of-the-money SHIB holders. Could the price of SHIB spike by 150%, reviving the currently stagnant liquidity?
As a researcher observing the current market trends, I find myself noting that the Shiba Inu (SHIB) price stands at approximately $0.00001921. This value is precariously close to a persistent barrier of resistance it has been grappling with for several months. Over the past 24 hours, the price has climbed by 2%, and in the last week, it has surged by an impressive 9.5%.
$3.45B To Be Rescued After This Shiba Inu Price Breakout
According to IntoTheBlock, approximately 44% of Shiba Inu investors are either just breaking even (2%) or losing money (42%). However, this could change significantly as Shiba Inu’s technical analysis suggests an upcoming breakout. This potential price surge is expected to push the Shiba Inu value beyond $0.000045, which represents a significant 149% increase.
Presently, according to ITB data, approximately 182.65 trillion Shiba Inu coins (equivalent to around $3.45 billion) are being held at prices ranging from $0.000019 to $0.000051, which we might refer to as being submerged or underwater.
A significant surge of 149%, or a breakout, could potentially turn stagnant assets into profitable ones for Shiba Inu (SHIB) tokens. This would raise the percentage of tokens currently profitable from 78.42% to more than 96%.
Onchain Metrics Show SHIB Price Will Breakout
The price of Shiba Inu seems to indicate a potential breakthrough, as suggested by an examination of on-chain indicators and trader activity. Data from the Coinglass Liquidation Map (LM) indicates that presently, traders exhibit more bullish sentiment towards SHIB compared to bearishness. The total 24-hour Long Liquidation Leverage for SHIB on OKX amounts to $3.42 million, while Shorts stand at only $2 million.
The imbalance is mirrored across both weekly and monthly periods as well, indicating that optimistic attitudes are predominantly shaping the Shiba Inu derivative market, since traders believe that the price might increase in the coming days.
Furthermore, based on Santiment analytics, the divergence between Shiba Inu’s (SHIB) price and Daily Active Addresses (DAA) reached a one-month peak. This situation, where DAA rises while price remains stagnant as at present, often suggests a bullish trend, indicating that the price might soon follow suit, potentially leading to an increase.
Additionally, it’s worth noting that the short-term realized capitalization of Shiba Inu has been climbing steadily since November 3, while its long-term counterpart continues to rise even more. This suggests that new investors may be entering the market in the short term, potentially increasing trading volume enough to drive the price of Shiba Inu past any immediate resistance levels.
Additionally, the presence of long-term investors indicates that initial Shiba Inu coin holders remain optimistic about the project’s potential for substantial future profits over a prolonged period.
As an analyst, I’m observing a strong indication that the price of SHIB may successfully surpass the persistent resistance in the forthcoming days, based on the trends I’m seeing in these key metrics.
SHIB Price Analysis: Key Levels To Watch
As a crypto investor, I’ve noticed that the Shiba Inu price forecast presents an inverted head and shoulders pattern – a typical bullish reversal market structure. Since late June, I’ve observed a strong resistance at $0.00002050 that has kept the price from rising significantly. However, this could potentially signal a breakout if the market conditions align favorably.
If the fresh influx of investors significantly increases the trading volume, there’s a possibility that the Shiba Inu (SHIB) price could surge past its current level and aim for approximately $0.00004567. This value corresponds to the yearly high. However, on this upward journey, SHIB might encounter resistance near $0.00002500.
If bears manage to drive the Shiba Inu coin’s price beneath the rising triangle on its chart (the right shoulder), it could challenge the bullish outlook. Such a move might push the price down towards the support levels at $0.000016 and $0.000013.
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2024-11-08 10:10