- Shiba Inu price faces a stiff supply zone, extending from $0.0000293 to $0.0000326, halting the uptrend.
- If SHIB shatters this barrier, a 25% uptrend could emerge but failure could lead to a 24% retracement.
- A run-up could see the meme coin collect liquidity above $0.0000392.
Shiba Inu price has seen impressive gains over the past week that face the threat of getting undone. The run-up is currently facing a massive hurdle that could make or break the meme coin.
Shiba Inu price faces a decisive moment
Shiba Inu price rose a whopping 75% over the past week as it broke out of a nearly two-week consolidation range. This uptrend was a ripple effect of the bullish momentum emanating from Bitcoin.
As impressive as this run-up was, Shiba Inu price is currently facing a supply zone, extending from $0.0000293 to $0.0000326. Investors can expect SHIB to consolidate around this area and probably retest the weekly support level at $0.0000283. If Shiba Inu price manages to stay above this level, there is a good chance the rally will continue.
SHIB/USDT 1-day chart
Supporting the possibility of an extension of the rally for Shiba Inu price is the recent uptick in daily active addresses from 5,841 to 10,770 over the past four days. This 84% hike in addresses indicates that investors are interested in SHIB at the current price levels.
SHIB DAA
Adding a tailwind to the potential bullish outlook is the recent growth in the number of large transactions worth $100,000 or more. Such transfers serve as a proxy for institutional investment interest and have increased by 56% from 488 to 761 over the last month, suggesting a bullish outlook.
SHIB large transactions
On the other hand, if SHIB slices through $0.0000283, it will trigger a steep descent to stable support levels at $0.0000233. A breakdown of this barrier will invalidate the bullish thesis and suggest a retest of the demand zone, extending from $0.0000158 to $0.0000193. Here, buyers will have another chance at a bull rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.