Over the last week, Shiba Inu (SHIB) has maintained an exceptional bullish streak, indicating a notable upward direction in its value. The meme currency has seen positive growth for seven of the previous eight days.
It has not only recovered from the key low of $0.0000076 that it hit in December of last year, but it has also faced a number of significant obstacles on its ascent.
During September, SHIB encountered opposition from the previously identified resistance zone as well as a daily bearish order block that was located above $0.00000755.
Shiba Inu’s Reversal Signals Potential Upswing – Investor Optimism,Shiba Inu’s Reversal Signals Potential Upswing – Investor Optimism
But the October rally was different; the barrier became a support, and the coin moved above the December low. As of right now, according to CoinGecko, the SHIB price is $0.0000078, down 2.5% from the previous day but still showing a significant 14% increase from the previous seven days.
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Price Analysis Indicates Levels Of Liquidation And Possible Reversals
Significant levels of liquidation have been seen in the cryptocurrency market, as shown by the most recent price research report, which also highlights a crucial milestone at $0.0000077 as the upper limit for liquidations. Furthermore, the data showed that the $0.0000078–$0.0000079 range is where medium liquidation levels are concentrated.
These results suggest that these price levels are important areas of interest for traders and investors to watch, since they may reflect major changes in market mood and trading activity.
According to the data, these particular price points are crucial benchmarks for evaluating the price movements of cryptocurrencies and their possible market reactions at the moment.
This data suggests that there may be a prolonged decline, which may spark a chase for liquidity that pushes SHIB closer to the $0.0000077 level.
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A key chart barrier for SHIB is the medium liquidation level at $0.0000083, which might be a difficult impediment to any more price rises. It has traditionally served as a formidable barrier, and SHIB’s price performance in the future may be significantly impacted by breaking past it.
If Bitcoin breaks above $35,000, the positive momentum might play a significant role in assisting SHIB in overcoming its present price barrier.
Given that Bitcoin has a major impact on the whole cryptocurrency market, a robust Bitcoin rise may spur more interest in and investment in SHIB, perhaps allowing it to surpass the $0.0000083 barrier. This demonstrates how different cryptocurrencies are dependent on one another and how Bitcoin’s success affects that of its peers.
Growing Interest from Investors in SHIB
Interestingly, according to statistics from IntoTheBlock, Shiba Inu has seen an increase in the overall number of addresses, which has already reached a new high of 3.63 million.
The significant rise in addresses suggests that traders and investors are becoming more interested in SHIB. Additionally, the data from IntoTheBlock shows a rise in Shiba Inu profitability, suggesting that the meme coin’s favourable investment environment has been facilitated by the good price movement.
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