The blue-chip meme coin is still trading below the crucial threshold of $0.000015. Representing the majority of SHIB coins in circulation, this could boost the famed Japanese dog-embossed coin to long-unseen yearly heights of $0.000035 or impose a sell wall, which would send Shiba Inu’s price retesting lower pre-claimed support areas.
To achieve this level, Shiba Inu (SHIB) would have to reclaim buying strength equal to that of December 2024. However, the Stochastic Relative Strength Index (StochRSI) constitutes a massively overbought position, meaning that the dog-themed coin’s price is overpriced by this metric at the moment, distancing from the oversold position 4 days ago.
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On Derivatives markets, leveraged crypto traders are eagerly aiming to guess Shiba Inu’s upcoming price movement, boosting the trading volume by 73%. Intriguingly, OKX exchange users are the most bullish on SHIB, with the long versus short ratio growing to nearly 2.50.
On the other hand, the overall long versus short ratio in the past 24 hours favors the crypto bears, otherwise known as short-sellers. At a 0.91 daily long versus short ratio, the bulls got wiped out of $316K, as opposed to $183K in liquidated over-leveraged short SHIB placements.
Descending Trendline To Pick Up Shiba Inu?
Repeating the yearly heights in the quest to restore $0.000035 heavily depends on the updates & developments within Shiba Inu’s own Shibarium Layer-2 blockchain. Currently at $4.52 million in total value locked (TVL), Shiba Inu enthusiasts utilize the L2 chain for activities such as trading on decentralized exchanges, swaps, NFT marketplaces & liquid staking services.
It seems that the months of silence on Shibarium are over, as the liquid staking provider K9 Finance DAO rocketed by 42% since last week, matching Shibarium’s functionality with the parent chain Ethereum (ETH). Liquid staking lets Shibarium users multiply their revenue by staking tokens in multiple decentralized protocols simultaneously.
Now, according to MMBT Trader, a popular market watcher, Shiba Inu price could capitalize on the activity renaissance by breaking the dynamic resistance of $0.00002, which would put the majority of SHIB custodians at profit. As of press time, SHIB Army’s favorite token is trading at $0.00001485 with micro gains of 0.3% within the last hour, according to CoinGecko.
On The Flipside
- The analyst who predicted Shiba Inu (SHIB) to hit $0.000035 when the meme coin breaks the descending trendline delivered an alternative bearish scenario.
- The seasoned MMBT Trader believes that rejection at the $0.0000200 levels could apply further sell pressure, sending Shiba Inu’s price to retest $0.0000110.
Why This Matters
With 5 years in the game, the meme coin Shiba Inu has evolved into a vibrant & pro-active community, which is a key trait of long-term success in the crypto sphere.
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