- SHIB price encounters a massive supply territory, stretching between $0.0000293 and $0.0000326, halting the upward trend.
- Shattering this barrier will reveal a 25% surge, while failure will see Shiba Inu dropping by 24%.
- An upside rally may see the canine-themed crypto collecting liquidity beyond $0.0000392.
Shiba Inu’s price witnessed remarkable surges within the past week, but emerging trends might undo the gains. The upward move faces a crucial hurdle, revealing a make-or-break condition for the canine-themed coin.
SHIB Price on a Decisive Moment
Shiba Inu experienced a staggering 75% upsurge over the last week. The impressive leg-up emerged after the meme coin overcame an almost 2-week consolidation range. Meanwhile, Bitcoin’s bullish momentum contributed to SHIB’s leg up.
Though the impressive gain, SHIB currently encounters a supply territory, stretching between $0.0000293 and $0.0000326. Market participants may expect Shiba Inu to consolidate near this zone and potentially retest the $0.0000283 weekly support. Meanwhile, maintaining beyond this level might support a continued rally for the Dogecoin killer.
The latest surge in active addresses to 10,770 from 5,841 within four days further supports the extended rally by Shiba Inu. The 84% upsurge shows market players interested in Shiba Inu at its current price zones.
Also, the latest growth in whale transfers worth over $100,000 adds tailwinds to the possible bullish reaction. Such transactions show institutional investors’ interest and surged 56% to 761 from 488 within the past month, highlighting a bullish picture.
On the other side, a plunge through $0.0000283 might catalyze a steep drop towards the sable support zone at $0.0000233. Losing this value zone will cancel the bullish case and indicate a test of the mentioned demand area, stretching between $0.0000158 and $0.0000193. Here, SHIB buyers can step up for a rally attempt.
For now, SHIB trades on a decisive moment after the token touched a crucial supply zone that extends between $0.0000293 and $0.0000326, violating the uptrend.
Conquering the level might trigger a 25% upsurge, while a failure might mean a 24% downward move. Nevertheless, an upward action will have Shiba Inu eyeing the liquidity beyond $0.0000392.
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