Shiba Inu (SHIB) has been on an impressive bullish streak over the past week, marking a significant upward trajectory in its value. With seven of the past eight days showing positive growth, the meme coin has not only managed to regain a critical low of $0.0000076 from December last year, but has also gained several encountered notable barriers.
During its journey through September, SHIB faced resistance from the established resistance zone and a daily bearish order block above $0.00000755.
However, the October rally saw a significant shift as the hurdle turned into support, pushing the coin past the December low, with the current SHIB price according to Coin gecko The price is at $0.0000078, indicating a decline of 2.5% in the past 24 hours, but still a substantial gain of 14% in the past seven days.
Price analysis reveals liquidation levels and potential pullbacks
The recent price analysis report has highlighted substantial liquidation levels within the cryptocurrency market, highlighting a key threshold of $0.0000077 as an upper limit for liquidations. Furthermore, the analysis found that average liquidation levels are concentrated between $0.0000078 and $0.0000079.
These findings indicate that traders and investors should keep a close eye on these price levels as they serve as crucial points of interest and could potentially represent significant shifts in market sentiment and trading activity.
The data suggests that these specific price points are currently important reference points when assessing the cryptocurrency’s price dynamics and potential market reactions.
This information points to the possibility of an extended pullback, potentially leading to a liquidity chase that could push SHIB towards the $0.0000077 mark.
Source: Hyblock
The average liquidation level of $0.0000083 is a significant hurdle for SHIB and potentially poses a formidable challenge to further price appreciation. Historically, it has acted as a strong resistance point, and breaking through it could be a key factor in SHIB’s future price performance.
Bitcoin’s bullish momentum has the potential to be a crucial factor in helping SHIB overcome its current price hurdle, especially if Bitcoin crosses the $35,000 mark. Bitcoin’s significant influence on the broader cryptocurrency market means that a strong Bitcoin rally could spur greater interest and investment in SHIB, potentially pushing it past the $0.0000083 level. This highlights the interdependence of different cryptocurrencies and the impact of Bitcoin’s performance on its counterparts.
SHIB seven-day price performance. Source: Coingecko
SHIB’s growing interest from investors
Interestingly, Shiba Inu has witnessed a rise in the total number of addresses, which is currently reaching a new high of 3.63 million, according to data provided by InTheBlok.
SHIB reached a market cap $4.626 billion today. Chart: TradingView.com
This substantial increase in the number of addresses indicates a growing interest in SHIB among investors and traders. Furthermore, IntoTheBlock’s data also points to a rise in Shiba Inu’s profitability, indicating that the positive price action has contributed to a favorable investment landscape for the meme coin.
Recent Shiba Inu Price Movements indicate a resilient and increasingly promising outlook, despite the challenges associated with key resistance levels and potential pullbacks.
As Shiba Inu reverses its December downtrend, investors are eagerly watching for signs of a possible uptrend. The resilience of the cryptocurrency market and the enthusiasm of the Shiba Inu community underscore the possibility that better days lie ahead.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from The Currency Analysis