- Despite the strong gains recently, the stubborn resistance zone was not broken.
- A continued drop below the nearby support level would be a sign that bears were gaining control.
As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I’ve seen market trends that would make even the most hardened traders question their sanity. Yet, here we are, analyzing the latest moves of Shiba Inu [SHIB].
During a recent surge in the cryptocurrency market, Shiba Inu [SHIB] stood out as one of the top meme coins. Over the course of two days, on the 26th and 27th of September, its value jumped nearly 40%.
As a researcher, I’m elated to report that the Shibarium Network has found itself in an enviable position of strength. In just a short span of time, the Total Value Locked (TVL) has experienced a substantial surge, reaching and surpassing the $4 million mark for the first time ever. This is indeed a significant milestone for the network!
A rise in newly added locations on the system might cause a surge in interest and usage.
SHIB bulls unable to scale the long-term resistance
In simpler terms, there’s a section on the price chart between $0.00002 and $0.000022 that has been showing signs of a bearish trend since June. This specific area was previously tested in July, and it was revisited just a few days ago as well, suggesting continued bearish pressure.
The bulls could not achieve a breakout on either occasion.
Over a span of just three days, the price saw a decrease of 14.7%, but this may not necessarily concern long-term investors.
The accumulation/distribution chart was still in an uptrend and close to challenging the May highs.
The Moving Average Convergence Divergence (MACD) underscored robust upward movement, suggesting a surge in buying activity. This significant buying over the past few weeks provided enough strength for the bulls to prevent the price from dipping below the $0.0000175 support level.
Shiba Inu price prediction bearish in the near term
A few days ago, I noticed that the cumulative liquidation levels were showing an upward trend. However, the high concentration of long liquidations around the price point of $0.000019 seemed to exert a downward pressure on the market, causing the prices to dip.
At press time, the delta was not highly in favor of either party.
Over the last three days, the interest in open positions has decreased as the values of popular meme coins have fallen. This suggests that the initial optimism or buying pressure may have subsided. Yet, the funding rate stayed positive, indicating that more buyers than sellers are currently active in the market, suggesting a predominance of bulls.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
Prediction for Shiba Inu’s future value suggests a positive outlook if the current resistance level of approximately 0.00002 USD can be turned into a supportive level within the next few weeks.
A sustained price drop below $0.0000175 would indicate bears were dominant once more.
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2024-10-01 00:07