Shiba Inu Reverses December Downtrend – Good Days Ahead For Investors?
October 27 2023 - 12:34AM
NEWSBTC
Shiba Inu (SHIB) has sustained an impressive bullish streak over
the past week, marking a significant upward trajectory in its
value. With seven out of the last eight days showing positive
growth, the meme coin has not only managed to reclaim a critical
low of $0.0000076 it registered in December last year, but has also
encountered several notable barriers along its upward climb. In its
journey through September, SHIB faced resistance from the
established resistance zone and a daily bearish order block
situated above $0.00000755. However, the October rally saw a
significant shift, as the hurdle transformed into support,
propelling the coin beyond the December low, with the current SHIB
price according to CoinGecko standing at $0.0000078, indicating a
2.5% dip over the last 24 hours but still showcasing a substantial
14% surge over the past seven days. Related Reading: XRP Shines
Bright: 14% Weekly Gains And New Highs After August Dip Price
Analysis Reveals Liquidation Levels And Potential Pullbacks The
recent price analysis report has highlighted substantial
liquidation levels within the cryptocurrency market, drawing
attention to a key threshold at $0.0000077 as the upper boundary
for liquidations. Additionally, the analysis revealed that medium
liquidation levels are concentrated within the range of $0.0000078
to $0.0000079. These findings indicate that traders and investors
should closely monitor these price levels, as they serve as crucial
points of interest, potentially signifying significant shifts in
market sentiment and trading activity. The data suggests that these
specific price points are currently important reference points in
assessing the cryptocurrency’s price dynamics and potential market
reactions. This information hints at the possibility of an extended
pullback, potentially leading to a liquidity hunt that could drive
SHIB towards the $0.0000077 mark. Source: Hyblock The medium
liquidation level at $0.0000083 is a significant chart obstacle for
SHIB, potentially posing a formidable challenge to any further
price increases. It has historically acted as a strong resistance
point, and breaking through it could be a key factor in SHIB’s
future price performance. The bullish momentum of Bitcoin has the
potential to be a crucial factor in helping SHIB overcome its
current price obstacle, especially if Bitcoin surpasses the $35,000
mark. Bitcoin’s significant influence on the broader cryptocurrency
market means that a strong Bitcoin rally could stimulate greater
interest and investment in SHIB, possibly enabling it to exceed the
$0.0000083 level. This highlights the interdependence of various
cryptocurrencies and the impact of Bitcoin’s performance on its
counterparts. SHIB seven-day price performance. Source: Coingecko
Related Reading: Bitcoin Price Sprint To $40,000 – Is It Happening
Now? SHIB’s Growing Investor Interest Interestingly, Shiba Inu has
witnessed a surge in the total number of addresses, currently
reaching a new high of 3.63 million, as per data provided by
IntoTheBlock. SHIB reached a market cap $4.626 billion today.
Chart: TradingView.com This substantial increase in the number of
addresses indicates a growing interest in SHIB among investors and
traders. Furthermore, IntoTheBlock’s data also highlights an uptick
in Shiba Inu profitability, indicating that the positive price
action has contributed to a favorable investment landscape for the
meme coin. Shiba Inu’s recent price movements suggest a resilient
and increasingly promising outlook, despite the challenges posed by
key resistance levels and potential pullbacks. As Shiba Inu
reverses its December downtrend, investors are eagerly watching for
signs of a potential upward trend. The cryptocurrency market’s
resilience and the enthusiasm of Shiba Inu’s community underline
the possibility of brighter days ahead. (This site’s content should
not be construed as investment advice. Investing involves risk.
When you invest, your capital is subject to risk). Featured image
from The Currency Analytics
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