- Following a 35% run in 7 days, Shiba Inu picks up pace in trading volume.
- Over 71% away from all-time high, SHIB gathers strength for a second round.
- Shiba Inuโs price constructs a bullish flag pattern on the one-hour tech charts.
As multiple major-cap meme coins topped their previous heights, Shiba Inu (SHIB) and Dogecoin (DOGE) remained sidelined by this metric. While DOGE’s price is still 47% away from the all-time peak, Shiba Inuโs distance is over 70%, as the SHIB Armyโs favorite token, SHIB, was spearheaded to $0.00008616 over three years ago.
While history repeats itself often, Shiba Inuโs one-hour price charts have signaled a bullish flag, evident in Ali Martinezโs latest technical analysis. Dwelling around a crucial resistance level around $0.000025, SHIBโs bullish flag adds substance for an extended rally, even though more traders decide to short-sell than take long leveraged positions, the latest CoinGlass data unveils.
Next SHIB Price Levels to Watch Out For
Crypto connoisseurs are marking new price targets for Shiba Inu, given that the market correction doesnโt push its price below $0.000025. This historically sensitive price level has formed a long-term demand zone, where 75.18 trillion SHIB coins are split between 107.9K crypto wallets, according to IntoTheBlock.
Portrayed in the gray bubble, the 75.1T SHIB resistance tunnel starts at $0.000022 and ends at $0.000026, soaking up a bigger volume than the next four resistance bubbles combined. If the area holds, Martinez argues that Shiba Inuโs next target in the meme coin supercycle is $0.000037.
This would take the SHIB price back to the yearly heights picked in the tremendous meme coin rally in March 2024. In the current post-U.S. elections rally, Shiba Inuโs gains have been notably smaller, with the price not exceeding $0.000029 amidst the 35% monthly SHIB price hike.
This signals the potential for a breakout, considering that over 1.6T Shiba Inu coins were moved off major crypto exchanges in 24 hours. The last time this happened, Shiba Inu produced a triple-digit rally, as SHIBโs marketing lead, Lucie, reminded her X audience. As of press time, SHIB is exchanging hands at $0.00002479, whipping up a daily trading volume of $1.48 billion.
On the Flipside
- According to Nansen’s on-chain intelligence, crypto market maker Wintermute has sold $1,059,725 worth of Shiba Inu tokens over the past 24 hours.
- In 7 days, the biggest seller was the token millionaire who sold off all of their SHIB holdings for a total revenue of $1,578,077, or 33% ROI.
Why This Matters
Technical implications often precede a price trend switch, even though price movements depend on a tally of other factors, including adoption cases and social sentiment.
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