Shiba Inu (SHIB) has been testing its support zone and is waiting for a spark that could trigger a massive price rally. The token, with strong community backing, has been hovering around critical price levels, raising anticipation among traders. With the recent trends in the crypto market, including increased investor interest in memecoins, Shiba Inu is poised for a potential breakout.
At press time, SHIB is trading at a price of $0.00002725, an increase of 1.81% in the last 24 hours. According to CoinMarketCap, the coin has a market cap of $16.05B and a volume of $2.28B. It has a Relative Strength Index of 50.22, which indicates that the coin is neither overbought nor oversold.
Based on the SHIB exchange liquidity map on Coinglass, the number of investors going long are greater than investors who are going short. The cumulative long liquidation leverage is of $4.75M at $0.00002393 and a short liquidation leverage of $4.10M at $0.00002996. If the price of SHIB increases and the shorts are liquidated, we could expect a major price rally.
The Aggregated Orderbook Liquidity Delta Chart shows bids outweigh asks, with the bid price at $3.52M compared to the ask price at $3.48M. This suggests that more traders are eager to buy the coin than sell it, reflecting a strong buying pressure in the market. Additionally, it also highlights the increase in confidence among investors, potentially signalling a upward price movement.
Is Shibarium About to Get a Major Upgrade with CCIP?According to the Fibonacci retracement levels, SHIB is currently around the 0.5 level, which is a significant support zone. The 0.618 level is a major resistance zone that needs to be broken through for continued price increment. If SHIB manages to break the resistance, its price could climb above 0.00004500 without encountering any major resistance.
Shiba Inu shows strong signs of possible upward movement, backed by a strong support zone, increased investor confidence, and favorable market conditions. The bid-ask dynamics and liquidation leverage data suggest growing buying pressure. If the coin breaks the resistance at 0.618, it could pave the way for a rally towards $0.00004500.
