- SHIB shows signs of breakout from a 75-days-range.
Order book liquidity delta indicates depth of buy orders is thicker than sell orders.
As a seasoned analyst with years of market observation under my belt, I find the current state of Shiba Inu (SHIB) intriguing. The coin has been dancing around the same range for quite some time now, but the recent developments suggest it might be ready to break free.
For a while now, the second most popular meme coin, Shiba Inu [SHIB], has been holding steady near its support point of $0.000014416. So far, it’s bounced back after testing this level on three separate occasions without dipping below it.
Currently, the trend of SHIB/USDT appears to indicate a possible breakout from its 75-day price range. Notably, the Bollinger Bands, previously compressed, are now expanding.
This progression might mark the culmination of the merging phase. Moreover, the wave trend momentum indicator has formed a ‘golden cross’, suggesting heightened purchasing power and market dynamism.
As the broader cryptocurrency market displays robustness, particularly in Bitcoin and many alternative coins, Shiba Inu (SHIB) offers a chance for investors to consider buying or investing (going long).
If Shiba Inu departs from its current phase and verifies with a revisit, it might yield profits of approximately 110%, potentially reaching the $0.00002949 mark by this time next year. Moreover, there’s a chance for a staggering 300% increase, as suggested by previous AMBCrypto forecasts.
Orderbook Liquidity Delta signals…
In simpler terms, the gap between the total quantity of buy and sell orders (also known as the liquidity measure) shows that there are more buy orders than sell orders at the moment.
Over the past few weeks, starting from the 25th of April, I’ve noticed that the majority of trading days have demonstrated a stronger presence of buyers in the market, with just 15 instances where sellers held the upper hand.
This pattern indicates that traders are buying even as Shib moves sideways and downward in a range. This buildup of buy orders lends further credence to the theory that Shib could soon burst out of the Bollinger Band squeeze.
Even though the quantity of buy orders in the order book doesn’t directly set the price, it can serve as a catalyst, potentially pushing Shiba Inu’s (SHIB) price upward due to increased demand.
SHIB liquidation heatmap
Due to the market’s tendency to cluster around areas with high liquidity, it appears that Shiba Inu’s (SHIB) current price movement is aiming for approximately $0.0000146. This level is significant because it corresponds to the point where around $3.49 million in SHIB short positions will be closed out.
Further rises in price might lead to more sell-offs, potentially affecting assets worth around $2.91 million at the $0.0000147 level.
In nearby areas, a quick surge in prices might draw out available liquidity. Once this liquidity is utilized, Shiba Inu (SHIB) may continue its upward trend towards the $0.000015 mark, at which point approximately $3.13 million is poised for potential liquidation.
Clearing these groups might function like a magnet, potentially propelling SHIB‘s price upward, with an aim to tap into the liquidity located slightly beneath the current price at approximately 0.0000128 USD. Here, around 3.2 million dollars’ worth of SHIB is marked for liquidation.
Ownership by concentration
Historically, a large majority (approximately 59.97%) of the total Shiba Inu coin supply has been held by whales, amounting to around 589.99 tons. On the other hand, investors hold about 26.74%, and retail traders own roughly 13.29%, equivalent to approximately 130.78 tons.
The number of whales (large investors) holding stocks has risen by 0.12%, while their significant stake has gone up by 0.46%. Conversely, the percentage of retail investors owning these stocks has dropped by 0.41%, but this decrease is not a major cause for concern at this time.
As more and more whales and large investors amass Shiba Inu (SHIB), it seems a significant increase or “breakout” in its price could occur very soon.
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2024-09-21 12:40