The popular meme coin Shiba Inu (SHIB) is licking its wounds after the 20% monthly drop, sent to retest yearly lows. Previously, the meme coin was seen bouncing off this major demand box successfully in two consecutive attempts in March & April. Right now, SHIB’s approaching that support zone once again.
Next SHIB Target Clear If History Repeats Itself
Meanwhile, popular market trend analyst PEPE is Friend dug into the implications of Shiba Inu’s recent sideways price movement. While Shiba Inu (SHIB) bulls are waiting to turn the tide, several signs point to the meme coin hitting the bottom already.
The double bottom, portrayed with the red line, could be flipped into major support once again, the analyst argues. The purple support box encircling the price range between $0.000011 & $0.000012 can be considered a light one, with just 11T SHIB tokens across 48.08K crypto wallet addresses.
The Level Every SHIB Holder Is Watching Out For
While this hints at a lesser chance of sell pressure around the current Shiba Inu (SHIB) price, a downturn below $0.000011 could summon some drastic price fluctuations. On a brighter note, if any bullish impulse comes back in play, Shiba Inu’s price is unlikely to hit a sell wall all the way up to $0.000014.
This resistance bubble presents a 527.97T Shiba Inu coin challenge, according to blockchain analytics platform IntoTheBlock. Ultimately, this means the 178K crypto wallet owners at this range could decide the short-term price direction if they choose to unanimously sell or top up Shiba Inu positions. At the time, it’s hard to predict which way that would go, as the Bull Bear Power (BBP) metric was hovering around zero, marking indecision among market participants.
On The Flipside
- On the 4-hour charts, Shiba Inu’s price displayed a slightly overbought position despite bouncing off the yearly lows.
- Notably, the StochRSI dwelled between 75 & 60, while the regular Relative Strength Index showed neutrality at 50.
Why This Matters
Market analysis tools enable crypto traders to get a grip on the cold facts rather than pure hype. Historical price analogies sometimes work out in the effervescent world of crypto, but the price movement depends on a variety of factors.
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People Also Ask:
SHIB hit a double bottom at $0.00001106, a yearly low, and is rebounding, trading at $0.00001173. This pattern often signals a bullish reversal.
Whale activity spiked with 527 transactions on June 5, up 1,010% weekly. Large investors buying in suggest confidence in SHIB’s price recovery.
Top analysts see potential for SHIB to climb from $0.00001173 if it breaks $0.00001189 resistance, but meme coins are volatile, so caution is key.
Shiba Inu’s 8% weekly price drop shows its risk. Invest only what you can lose, research via CoinMarketCap, and start small to manage volatility.
Track whale moves on Lookonchain and learn basics on Binance Academy. Use a hardware wallet and avoid the unverified social media hype.
