Shiba Inu Triggers a Fresh Surge Towards Strong Resistance – Will the SHIB Price Break Through?
The post Shiba Inu Triggers a Fresh Surge Towards Strong Resistance – Will the SHIB Price Break Through? appeared first on Coinpedia Fintech News
Shiba Inu, often dubbed the “Doge killer,” experienced a long way in the last few weeks due to the much-anticipated launch of Shibarium. Over the past few weeks, Shiba Inu (SHIB) has been making waves, gaining the attention of traders. Though the meme coin market is witnessing turmoil these days, Shiba Inu is holding the market’s promises by generating lucrative returns with its skyrocketing surge.
Shiba Inu Flashes Bullish Metrics
As the week draws to a close, many altcoins are strategizing to recover from their week-long losses. Among these determined coins, Shiba Inu stands out, having achieved the noteworthy $0.00001 milestone.
Data from Arkham Intelligence reveals that in the past few hours, crypto whales have transferred tens of billions of Shiba Inu meme tokens between different crypto trading platforms. The analytics platform identified six substantial transactions, each transferring a minimum of one billion SHIB, with the most significant transaction involving 10 billion Shiba Inu tokens. This incident signifies a notable contribution to the recent bullish rally in the SHIB price chart.
Moreover, the Shibburn explorer’s recent data indicates that in the last 24 hours, 70 billion Shiba Inu meme tokens have been sent to inaccessible wallets, effectively rendering them out of circulation permanently. This represents a slight uptick in the SHIB burn rate, which now stands at 12.8% compared to the previous day.
Data from Into The Block reveals that the average balance held by addresses has seen a noticeable increase over the past three days. The average has jumped from $6,959 to $7,728 as of 10 August. This suggests a rising trend in SHIB accumulation, potentially in anticipation of an upcoming bull run.
What’s Next For SHIB Price?
SHIB’s price recently rebounded from the ascending channel’s support line at $0.0000094, signaling that buyers remain active during minor downward corrections. As of writing, SHIB’s price is trading at $0.00001023, surging over 3.1% in the last 24 hours.
The price was driven way above the 20-day EMA by purchasers, paving the way for a potential surge to $0.00001. This level might pose a significant challenge to SHIB’s price as sellers are willing to open short positions.
However, if the bulls remain strong near this level and successfully hold the price in this region, SHIB’s price might witness another potential surge above $0.0000105. This momentum might send the price toward $0.000012.
This bullish outlook could be short-lived if the price declines from its present position or faces resistance and falls below the channel. Moreover, the RSI indicator has touched the overbought region, signaling a downward correction ahead. This scenario might push the price down to $0.0000087, a critical level to monitor. If this level fails, the price might drop to $0.000008.
Filed under: Bitcoin - @ August 11, 2023 4:03 pm