Multiple crypto analysts spotted Shiba Inu (SHIB) consolidating at a pivotal price range, securing the $0.00013 resistance levels after the recent week’s upswing. Back in December, this level served as a catalyst for a bull run to $0.00003284, the highest price in a 365-day period.
Two Short-Term Directions In Play For Shiba Inu
Whipping up a $252 million trading volume in 24 hours, the dog-embossed memecoin now needs to reach $0.000014 to retest a resistance level worth 522 trillion Shiba Inu (SHIB) coins, the vast majority of circulation. If most holders at this level decide to hold, the $0.000032 yearly height retest is very rational, notes analyst Javon Marks.
Currently with 41% of SHIB custodians at profit, this decisive level will depend on crypto whale sentiment, retail trading volumes & the duel between crypto bulls & bears on Derivatives. Now, the large holder sentiment around Shiba Inu’s price plunged back to negative levels after a solid run last weekend. As a result, crypto bears took over.
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Certainly, the Bull Bear Power (BBP) metric shifting towards red is natural after a 5-day consecutive run of bull power. On the other hand, SHIB’s market correction kicked in while the popular memecoin was still dwelling below the $0.000014 crucial resistance line.
Right now, Shiba Inu coin’s (SHIB) price is trading at $0.00001325, sliding below the mid-tier Bollinger Band (BOLL), depicted in blue color. Shiba Inu’s market correction still has some reserve to $0.00001293, where the lowest boundary of the Bollinger Bands (BOLL) lies.
If the $0.000013 area holds on a weekly basis, the 156% divergence pointed out by Javon Marks could play out sooner than later. However, any dip below this SHIB price range could materialize in a freefall, as the Relative Strength Index (RSI) is already flashing slightly overbought positions.
On The Flipside
- Shiba Inu (SHIB) recently slid to the 29th position by global market cap, giving way to Toncoin (TON), Litecoin (LTC) & Avalanche (AVAX).
- Players on Derivatives markets are more keen on short SHIB positions than long, according to the latest 24-hour period stats from CoinGlass.
Why This Matters
Bullish divergences often depict unrealized potential, but do not guarantee the same results as before.
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A bullish divergence on SHIB’s chart shows the price making lower lows while the MACD indicator forms higher lows, hinting at a potential trend reversal. Analysts suggest this could lead to a 156% price jump to $0.000032.
The confirmed divergence, breakout from a descending channel, and rising whale activity (272% increase in netflows) signal growing momentum. A 3464% surge in SHIB burns also reduces supply, potentially boosting value.
No guarantee. The 156% rally depends on sustained momentum, breaking key resistance levels like $0.000013, and broader market conditions. Crypto is volatile, so it’s a possibility, not a sure thing.
SHIB’s price is sensitive to market swings and community disputes, like the ongoing leadership election drama. A failed breakout or governance issues could stall the rally. Research thoroughly before investing.
The setup looks promising, but crypto is risky. Only invest what you can afford to lose and stay updated with top-notch newspapers like DailyCoin for the latest SHIB news and ongoing market price trends.
