Shiba Inu has risen by nearly 200% since Oct. 4.
The dog coin appears to have encountered stiff resistance.
Failing to move past $0.000025 could see prices retrace to $0.000021 or lower.
Share this article
Shiba Inu has posted a major rally over the last week. Now, SHIB appears to have reached a massive supply barrier that may slow down its uptrend.
Shiba Inu Primed to Retrace
Shiba Inu’s price has exploded in the last few days, but the dog coin is facing an uphill battle.
The so-called “Dogecoin killer” has surged by nearly 200% since Oct. 4, reaching a high of $0.000025. The sudden bullish impulse caught many market participants by surprise as SHIB had been stagnant for more than 100 days.
Now, data shows that Shiba Inu has caught the attention of many cryptocurrency enthusiasts. Behavior analytics platform Santiment highlighted that “crowd hype” is a crucial factor in the recent price action. The number of SHIB-related mentions across social media networks skyrocketed by 70% along with prices.
The rising chatter around Shiba Inu is not necessarily a good sign for its short-term price action. When SHIB’s price surges and the crowd pays increased attention, a steep correction tends to follow.
Although the social volume Shiba Inu currently presents does not favor the bulls, transaction history shows that the asset is sitting on stable support.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that $0.000021 represents a strong foothold for the asset. More than 10,000 addresses have previously purchased over 630 billion SHIB around this price level.
Such a major demand wall suggests that a decisive drop below this level could lead to further losses. In this eventuality, Shiba Inu could dive to $0.000017 or even $0.000015.
It is worth noting that the IOMAP cohorts also reveal that the most crucial supply barrier ahead of Shiba Inu is sitting at $0.000025, where roughly 500 addresses bought more than 8 trillion SHIB. Holders within this price level could make efforts to break even on their underwater positions, thereby slowing down the uptrend. That means the meme coin must close above $0.000025 to advance to $0.000030.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Shiba Inu Primed to Run Following Coinbase Pro Listing
Shiba Inu has enjoyed a rally after Coinbase Pro revealed it would list the token on its platform. SHIB has surged by 47%. Shiba Inu Listed on Coinbase Pro Meme…
Vitalik Buterin Burns 41% Supply of “Dog Token” Shiba Inu
After sending $1 billion worth of SHIB to India’s COVID-19 relief fund last week, Vitalik Buterin has burned 41% of the token’s circulating supply. Vitalik Buterin Burns SHIB Supply Vitalik…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Slim Jim Celebrates “Doge Day” With Shiba Inu NFT
Slim Jim took part in the Dogecoin community’s “Doge Day” event today by creating a non-fungible token or cryptocollectible. Slim Jim Creates NFT The company behind Slim Jim snack foods…