SHIB Rises 40% but Faces Resistance at $0.00002
The Most Important Points in Brief
- Shiba Inu (SHIB) recently experienced a 40% increase within 36 hours.
- However, the resistance zone at $0.00002 remains a hurdle for the bulls.
- The Shibarium network is showing positive developments, including an increase in Total Value Locked (TVL).
- A price correction could be imminent if support at $0.0000175 is not maintained.
Current Market Development of Shiba Inu
Shiba Inu (SHIB) is one of the most well-known memecoins and has shown strong performance in recent days. On September 26 and 27, the price surged by nearly 40% within 36 hours. This increase was part of a general upward trend in the cryptocurrency market.
At the same time, the Shibarium network, Shiba Inu’s Layer 2 solution, also saw positive developments. The Total Value Locked (TVL) in the network surpassed the $4 million mark for the first time. The number of new addresses on the network also increased, which could indicate growing demand for SHIB.
Resistance at $0.00002 Remains a Hurdle
Despite recent price gains, the resistance zone between $0.00002 and $0.000022 has not been broken. This area has proven to be a persistent barrier since June. The resistance was already tested in July, but the bulls failed to break through. Similarly, in the past few days, several attempts to overcome this zone have been unsuccessful.
The 14.7% price correction over the past three days may seem concerning in the short term, but long-term investors might remain optimistic. The Accumulation/Distribution indicator continues to show an upward trend, indicating sustained demand for SHIB. Additionally, the MACD (Moving Average Convergence Divergence), an indicator of trend reversal, points to strong bullish momentum. If the price holds the support at $0.0000175, the bulls could regain control.
Weakness in Short-Term Price Forecast
Although the long-term outlook for Shiba Inu remains positive, there is some short-term uncertainty. The decline in open interest over the past three days suggests that bullish interest is waning. However, the funding rate, an indicator of sentiment in the derivatives market, remains positive, indicating that the majority of market participants are still betting on rising prices.
Another sign of uncertainty is the concentration of long liquidations around the $0.000019 mark. These liquidations could push the price down in the short term. If the price falls below the support at $0.0000175, it could signal that the bears are regaining control.
Long-Term Forecast Remains Positive
The long-term price forecast for Shiba Inu remains optimistic, provided the resistance zone at $0.00002 is overcome in the coming weeks. A successful breakout could pave the way for further price gains. However, if the price falls below $0.0000175, it would indicate that the bears are gaining the upper hand again.
Our Assessment
Shiba Inu continues to show potential, especially with the positive developments in the Shibarium network and the growing demand for the token. In the short term, however, further fluctuations could occur, particularly if the resistance at $0.00002 is not overcome. Long-term investors should keep an eye on the support at $0.0000175, as a break of this level could indicate a possible trend reversal.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $0.31 |
| 24h % | -5.58 % |
| 7d % | -21.87 % |
| 30d % | -21.41 % |
| 60d % | 124.72 % |
| 1y % | 231.22 % |
| Market Cap | $45,742,909,544.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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