SHIB Price Analysis : Shiba Inu Prepares For A Big Move As Volatility Nears 110%
The post SHIB Price Analysis : Shiba Inu Prepares For A Big Move As Volatility Nears 110% appeared first on Coinpedia Fintech News
While the market has bounced back to its levels prior to the crash, the meme coin segment, notably Shiba Inu, hasn’t shown this recovery trend. Recently, the price of SHIB struggled to attract sufficient buying momentum, with sellers gaining the advantage amid a decline in open interest. Nonetheless, with the recent surge in SHIB’s volatility, there’s a potential for a significant move in the coming hours as the SHIB price seeks to retest its support level.
Shibarium’s Milestones Hold Buying Demand For SHIB
Shiba Inu continues to witness long-liquidation as around $200K worth of positions were liquidated by bulls in the last 24 hours. This surge came after the SHIB price rejected the much-anticipated level of $0.00001. However, the decline is yet to be intensified as Shibarium’s transaction activity holds buying momentum for SHIB.
In the past 24 hours, Shibarium, Shiba Inu’s Layer-2 blockchain platform, has seen a rise in transaction volume. According to Shibarium Explorer, the transaction count surged from 4.37 million to a notable 6.19 million. This represents a growth of over 140% within a single day.
In just under five months, the network has impressively handled around 260 million transactions and created about 2.4 million blocks. These transactions were executed by 1.3 million different wallet addresses.
This surge in Shibarium’s transaction volume came as a messiah amid Shiba Inu’s decline in number of transactions. Data indicates a drop in Shiba Inu’s daily transactions, from 5,100 to 4,790. Despite this, the SHIB price could be gearing up for a significant increase or decrease as its volatility has reached a yearly peak of 108%. This high volatility level points to a robust battle between buyers and sellers to maintain the SHIB price around the $0.00001 level.
This recent increase in transaction activity on Shibarium has given a new boost to the Shiba Inu ecosystem, holding its recovery momentum.
What’s Next For SHIB Price?
Shiba Inu continues to face bearish activity in surpassing the crucial $0.00001 level. As a result, it declined toward the immediate Fib channel and is currently favoring short-positions. As of writing, SHIB price trades at $0.0000095, declining over 3.7% in the last 24 hours.
Bulls are strongly protecting the $0.000009 support level as a decline might trigger a surge in selling confidence. While the bulls are attempting to initiate a recovery rally, they’re likely to encounter robust resistance at the 20-day Exponential Moving Average (EMA) and also around $0.00001. A decline from $0.000009 could see the SHIB price consolidating around $0.0000082, a price point that might attract buyers.
For a bullish signal indicating the end of the current downtrend, the RSI needs to correct upward and escape the oversold region. The bulls need to push and hold the price within the EMA20 level and $0.000011 resistance zone, aiming for a rise beyond $0.000012.
