Shiba Inu (SHIB) has experienced an impressive upward trend in the past week, marking a significant increase in its value. With seven of the last eight days showing positive growth, the meme coin has not only managed to reach the critical low of $0.0000076 from last December but has also encountered several notable obstacles along its ascent.
During its journey through September, SHIB encountered resistance from the established resistance zone and a daily bearish order block above $0.00000755. However, the rally in October saw a significant shift as the hurdle turned into support, propelling the coin beyond the December low. According to CoinGecko, the current SHIB price is $0.0000078, indicating a 2.5% decrease in the past 24 hours but still showing a significant increase of 14% in the past seven days.
The current price analysis report has highlighted significant liquidation levels in the cryptocurrency market, indicating a key threshold of $0.0000077 as an upper limit for liquidations. Additionally, the analysis reveals that the median liquidation levels are concentrated in the range of $0.0000078 to $0.0000079. These findings suggest that traders and investors should closely monitor these price levels as critical points of interest, potentially signaling significant changes in market sentiment and trading activity.
This information suggests the possibility of a prolonged retreat that could potentially lead to a liquidity chase, driving SHIB towards the $0.0000077 mark.
The median liquidation level of $0.0000083 represents a significant chart obstacle for SHIB and may pose a formidable challenge for further price increases. In the past, it has served as strong resistance, and a breakthrough could be a key factor in SHIB's future price performance.
The upward momentum of Bitcoin could be a crucial factor in helping SHIB overcome its current price obstacle, particularly if Bitcoin surpasses the $35,000 mark. The significant influence of Bitcoin on the broader cryptocurrency market means that a strong Bitcoin rally could generate greater interest and investment in SHIB, potentially enabling it to surpass the $0.0000083 mark. This highlights the interdependence of different cryptocurrencies and the impact of Bitcoin's performance on its counterparts.
Interestingly, Shiba Inu has seen an increase in the total number of addresses, reaching a new high of 3.63 million, according to data provided by IntoTheBlock. This significant rise in the number of addresses suggests growing interest from investors and traders in SHIB. Furthermore, IntoTheBlock's data also indicates an increase in the profitability of Shiba Inu, suggesting that the positive price performance has contributed to a favorable investment landscape for the meme coin.
The recent price movements of Shiba Inu indicate a robust and increasingly promising outlook, despite the challenges posed by key resistance levels and potential setbacks. As Shiba Inu reverses its December downturn, investors eagerly await signs of a possible uptrend. The resilience of the cryptocurrency market and the enthusiasm of the Shiba Inu community underscore the possibility of brighter days ahead.
(Note: The content of this website should not be construed as investment advice. Investing carries risks, and your capital is at risk.)
Featured image by The Currency Analytics.
