Key Support and Resistance Levels for Shiba Inu (SHIB) This Week
Shiba Inu (SHIB) is currently consolidating within a two-month range following recent geopolitical tensions. In light of this, it is essential for you to pay attention to the key support and resistance levels identified by analysts at Finbold to monitor SHIB’s on-chain data and price chart for potential trading opportunities.
Understanding SHIB’s On-Chain Data
– The majority of Shiba Inu’s token supply is currently in a profitable position, with 77.52 trillion SHIB purchased at lower prices.
– This data can provide valuable insights into potential levels of increased trading activity based on high-volume purchasing prices.
– On-chain data from IntoTheBlock reveals the distribution of βin/out of the money around priceβ based on addresses and volume, with Shiba Inu trading at nearly $0.000027 at present.
Support and Resistance Levels based on On-Chain Data
– 25,560 addresses hold 31.35 trillion profitable SHIB acquired between $0.000024 and $0.000025, acting as a key support level.
– Conversely, 22,480 addresses hold 20.65 trillion SHIB at a loss, acquired between $0.000028 and $0.000029, forming a resistance barrier.
Technical Support and Resistance Levels for SHIB Price
– The 4-hour price chart indicates crucial support and resistance levels for Shiba Inu.
– The 20-period exponential moving average (20EMA) serves as support at $0.0000245, while previous price action acts as resistance below $0.000029.
– The Relative Strength Index (RSI) on the 4-hour chart shows a strong bullish momentum at 66.88 points.
– This suggests that SHIB could potentially test its key resistance level and even reach the psychological level of $0.000030.
The Market Outlook for Shiba Inu (SHIB)
– During the previous bull cycle, Shiba Inu gained significant attention from traders and investors.
– However, the market has shifted towards new Solana (SOL) meme coins in 2024, leading to a slowdown in demand for SHIB.
– It is crucial for investors to exercise caution when allocating capital to SHIB, considering the possibility of a loss in long-term momentum despite its current favorable outlook.
Hot Take: Strategizing Your SHIB Investment Approach
As you navigate the dynamic landscape of the crypto market, it is vital to analyze key data points and technical indicators to inform your investment decisions regarding Shiba Inu. By staying informed about the latest developments and trends, you can position yourself strategically for potential opportunities while minimizing risks in this evolving market environment.
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