As a seasoned analyst with a decade of market experience under my belt, here’s my take:
On a relatively calm Saturday, Shiba Inu‘s price experienced a minor surge of approximately 0.5%, reaching $0.000014. This upward movement follows the Thursday market rally. As Bitcoin attempts to find support at around $60,000, the broader cryptocurrency market is working to maintain stability. The question remains: Will the restored bullish sentiment lead to further rallies, or are sellers poised to make a comeback?
Shiba Inu Price Poised For Bearish Reversal
As someone who has been closely following the crypto market for several years now, I must admit that this week’s relief rally in the crypto market was a breath of fresh air. After seeing Bitcoin’s price dip down to $49,000, it was heartening to witness a swift surge up to $61,000—representing a substantial 24% increase. My personal experience tells me that such volatility is par for the course in the crypto world, but it’s always exciting to see prices move in a positive direction. And as someone who has invested in Meme cryptocurrencies before, I can attest to their ability to provide some of the most thrilling market action out there.
The meme coin Shiba Inu, currently holding the second biggest market value among meme coins, experienced an impressive 30% surge in its price. This rise took it from $0.00001 to $0.000014. If buyers continue their momentum, there might be a potential 3.5% further increase before encountering resistance at the trendline of the wedge pattern around $0.000015.
From March 2024 onwards, these two trendlines, serving as both resistance and support, have consistently guided a corrective pattern in the price of the SHIB coin.
Additionally, the In/Out of the Money Around Price (IOMAP) shows that approximately 9,110 investors own more than 50 trillion Shiba Inu coins on average purchased for $0.000015 each. If these holders choose to sell their tokens to cover their initial investment during a potential market adjustment, it could intensify the downward trend.
When the ADX slope surpasses 35%, it suggests that sellers hold a significant influence over the market, implying they are more active than buyers.
As a researcher examining the Shiba Inu market, I’ve noticed a possibility that could potentially cause its price to drop by approximately 28%. If this unfolds, we might see the price falling down to the significant $0.00001 level.
Instead, Intotheblock data shows a significant jump of 30% in Shiba Inu’s active wallets over the past day, climbing from 3,630 to 4,730. Furthermore, accounts with no balance have nearly doubled, growing from 1,030 to 2,030.
The rise in these on-chain measurements indicates a rising curiosity about SHIB, potentially leading to more market liquidity and heightened trading actions.
As a researcher, I’ve observed that the falling wedge pattern often indicates a reversal, leading to significant recovery following a crucial resistance breakout. Consequently, a possible penetration of the upper trendline might hint at the conclusion of the corrective phase, suggesting potential price action aligned with an uptrend.
After a surge following its breakout, the Shiba Inu’s price might soar as high as 40%, potentially reaching approximately $0.00002. Subsequently, it could climb further to reach about $0.00003.
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2024-08-10 16:30