Will 67,000 Addresses Holding 54 Trillion SHIB Propel the Coin Towards the $0.00001 Mark?

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.

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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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Antonella Martin

Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature's beauty.