- SHIB’s 21.9% price rise in 30 days signals a bullish trend, driven by shifts in investor focus.
- Strong support at $0.0000085, but facing resistance at $0.000009, SHIB’s rally hangs in balance.
- With an eye on $0.0000093, SHIB may face challenges from bearish forces and profit-taking sentiment.
SHIB, a popular memecoin, has recently witnessed a significant price increase of over 21.9% in the past month. This surge, in part a reaction to Bitcoin’s slight pullback, has positioned SHIB for another potential rally.
According to IntoTheBlock’s data, after a period of consolidation, SHIB has entered a bullish phase, albeit with the risk of a downturn as investors may seek profits.
Presently, SHIB enjoys strong support at the $0.0000085 level, held by 67,000 addresses owning 54 trillion SHIB, overpowering the resistance at $0.000009. However, a majority of SHIB holders, representing 73%, are still at a loss, which could prompt selling as the price nears the three-month high of $0.000009.
Investors, aiming to push SHIB’s price above the $0.000009 mark, face a tough challenge. The last rally in August faltered at this level, indicating significant seller resistance.
Currently, SHIB trades at $0.0000083, having risen 7.25% in the last 7 days. Market indicators, including a rising 20-day EMA and a strong RSI, suggest bullish momentum, with the $0.0000087 threshold being crucial for further gains.
On the flip side, bears seek to drive SHIB below the 20-day EMA, potentially leading to a decline towards $0.0000075, and a consolidation around $0.0000065 might follow.
Despite market challenges, SHIB’s resilience and recent performance offer a promising outlook. Its ability to attract and maintain investor interest could pave the way for more significant achievements in the crypto world.
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