Shiba Crypto News Today: Bulls Set Sights on Key Resistance Levels
Shiba Crypto News Today- A robust rebound of 2.83% over the past 24 hours has pushed Shiba Inu (SHIB) to $0.0000176. This marks a pivotal moment for SHIB as it attempts to break through significant resistance levels. The primary objective for SHIB bulls is to reclaim the $0.000017 to $0.000018 range. This range is crucial as it includes a massive 419.58 trillion SHIB purchased by 21,010 addresses, according to IntoTheBlock’s Global In/Out of Money analysis. This substantial volume at these levels indicates increased selling pressure, as many addresses might start selling once the market price hits their average cost, forming resistance.
Resistance at $0.000018
The In/Out of the Money Around Price (IOMAP) indicator offers a more detailed perspective on the actual resistance points. According to this indicator, a critical resistance level lies at $0.000018, where 10,330 wallets acquired 416.47 trillion SHIBs. Beneath the $0.000017–$0.000018 range, significant barriers also exist between $0.000019 and $0.000025. However, the immediate focus is on overcoming the $0.000018–$0.000019 range, which would pave the way for SHIB’s price to move towards a higher ceiling.
Recent Market Performance
In March 2024, Shiba Inu made a significant leap, but its value gradually declined over the following months. SHIB is currently trading above the $0.000017 level. The MACD has been trending downward and is now below the signal line, indicating bearish momentum. The RSI stands at around 30.64, approaching the oversold area, but not yet confirming it. Shiba Inu’s price continues its downward trend as demand for the once-popular meme coin fades. The SHIB token is trading at $0.000017, its lowest swing since March, having dropped by more than 60% from its highest point this year.
Comparative Analysis
Shiba Inu, like Dogecoin, has underperformed in the meme coin market this year, with traders shifting their focus to newer tokens. Data from CoinGecko shows that Shiba Inu’s trading volume in the past 24 hours was over $297 million, compared to Dogecoin’s $635 million.
In contrast, Pepe, with a much smaller market cap, handled over $1 billion in the same period. Shiba Inu’s volume was also smaller than Dogewifhat (WIF), Floki, and Bonk, which had volumes of $776 million, $301 million, and $288 million, respectively. This trend indicates that traders are gravitating towards newer tokens with perceived higher growth potential. Other popular meme coins among traders include Turbo, MAGA Hat, and Book of Meme.
Shibarium’s Underperformance
Shiba Inu has lagged in the market as Shibarium, its recently launched layer-2 network, failed to gain traction among investors and developers. Shibarium has attracted only 14 DeFi developers, with its Total Value Locked (TVL) at just $1.69 million. In contrast, other recently launched layer-2 networks like Blast, Sui, and Base have accumulated assets worth billions.
Technical Analysis
Shiba Inu’s technical indicators suggest further downside risk for the token. It has moved slightly below $0.00001838, its lowest swing on April 13th, and the lower side of the descending triangle pattern. SHIB has also fallen below its 50-day and 200-day moving averages. If the decline continues, these lines will cross each other and form a death cross, one of the riskiest patterns in the market.
Potential Catalysts for Rebound
Shiba Inu’s rebound could occur if there is an overall recovery in the crypto industry, as seen in March when Bitcoin reached its all-time high. In such a scenario, SHIB and other altcoins are likely to bounce back. Another potential catalyst for Shiba Inu could be the approval of a spot SHIB ETF by the SEC, following the possible approval of Ethereum and Solana ETFs.
Frequently Asked Questions (FAQ) about Shiba Inu (SHIB) Price Analysis
What caused the recent rebound in Shiba Inu (SHIB) price?
The recent rebound of 2.83% in Shiba Inu (SHIB) price is attributed to increased buying activity, which pushed the price up to $0.0000176. This recovery is seen as a critical moment as SHIB attempts to overcome significant resistance levels.
Why is the $0.000017 to $0.000018 range important for SHIB?
The $0.000017 to $0.000018 range is crucial because it includes a massive 419.58 trillion SHIB bought by 21,010 addresses. This volume signals increased selling pressure as many of these addresses may start selling once the market price reaches their average cost, creating resistance at these levels.
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