The Shiba Inu token, a meme-based cryptocurrency, has been steadily climbing after experiencing a sharp pullback to a low of $0.000015489 in early October. With buyers pushing SHIB’s price higher, all eyes are now on the key resistance level at $0.000021676. As the second attempt to break through this level, this move signals a bullish trend, sparking widespread interest among investors.
Steady Uptrend in Shiba Inu’s Price
Since mid-September, SHIB’s price has been forming higher lows, establishing a clear uptrend. This optimistic outlook has placed buyers in a favourable position, with the possibility for another price surge toward the crucial resistance level. If this trend continues, SHIB could soon challenge the $0.000021676 barrier, a level that previously rejected the token.
As a result, buyers are eyeing this resistance with anticipation, as a breakthrough could trigger further upward momentum. Besides, the daily RSI has shown consistent bullish behavior since August. After reaching overbought levels of 80 points in late September, the cryptocurrency’s price faced a correction.
However, the RSI has since stabilized above the 50-point mark, suggesting that the token is still bullish. This RSI positioning supports the possibility of higher price levels in the near term, indicating that SHIB’s bullish momentum is far from over.
On-Chain Data Signals a Potential Breakout
On-chain data from Santiment reveals that large holders of the Shiba Inu token are shifting their assets off exchanges and into private wallets. This trend points to growing confidence among major investors, reducing the available supply of SHIB for trading. As supply decreases, demand for the token could rise, leading to further price appreciation.
Additionally, Santiment’s data highlights increased SHIB holdings by top non-exchange addresses. This accumulation, combined with the decreasing supply on exchanges, suggests that the cryptocurrency may be on the brink of a breakout. Despite the overall bullish trend, Shiba Inu’s price has shown volatility in recent days.
This volatility has been accompanied by fluctuations in the Market Value to Realized Value (MVRV) ratio, which measures holders’ profitability. The MVRV ratio suggests that sentiment around the Shiba Inu token remains uncertain, with investors waiting for clear signs of a breakout. Nevertheless, the recent surge in the altcoins’s value aligns with the reduced supply on exchanges, further supporting the potential for upward movement.
Can SHIB Reach $0.00003 Soon?
Over the past week, SHIB has seen a 7% price increase, with a 39% surge over the last month. Today, the token’s price is $0.00001847, reflecting a 1.11% rise over the previous 24 hours. These recent gains indicate a solid bullish trend, with the potential for the cryptocurrency to rally toward the $0.00002 level in the near term.
If buying pressure continues to build, SHIB could reach $0.00003 by the end of the month, representing a more than 100% increase. With reduced supply on exchanges and growing demand among investors, the stage is set for altcoin to double in price after breaking through its key resistance levels.
Also Read: Dogecoin Gains 6% Today: Can DOGE Reach $0.14 by the Weekend?
Source: https://www.cryptonewsz.com/shiba-inu-nears-barrier-can-shib-hit-0-00003/