It’s been a green October ending for the entire crypto market, and the meme coin section is no exception. Shiba Inu is the most powerful rival to Dogecoin and has seen 26% fluctuations since joining the current market correction.
The top-20 coins had hit a high of $0.00001488 earlier in the day. It even looked like it’ll break through the $0.000015 mark. It was met with serious rejection, and it fell to $0.00001251. This has resulted in Shiba Inu losing 0.52% for the day. It could still enter November with a stable price range, if it gets support.
However, the possibility of a reverse opportunity may be present in the event that prices reject higher during this rebound rally.
Shiba Inu Grows Alongside Other Memecoin. Will It Survive The Growth?
ShibaInu joined the surge of meme coins using Dogecoin after billionaire Elon Musk completed his Twitter Takeover. Along with a week of gains on U.S. stocks, the cryptocurrency market recovery has been characterized by increasing altcoin demand. Shiba Inu’s price soared to $0.000015 after a 48% increase in value over the week. The important Exponential Moving averages (20, 50, 100) were surpassed.
Retrospectively, we can see that the catalyst for the rally was the bullish breakthrough in consolidation which occurred between $0.0000104 to $0.00000955. The altcoin’s current market price is $0.00001255. The altcoin’s current market price is $0.00001255. This represents an intraday decrease of 0.522% and rejection of $0.000015. ShibaInu could retest the $0.00001255 level at 0.5 FiB or the $0.0000128 level at 0.382 Fibonacci. For this to occur, however, the overhead barrier at $0.000015 must be increased.
If there is continued buying pressure during the corrective phase of the market, Shiba Inu’s price will surpass the overhead barrier. This will allow buyers to gain entry and encourage positive sentiment. The daily close of a candle above $0.000015 may increase prices to $0.000016.TradingView.com provides price chat for SHIBUSD
SHIBWallets Reach New Heights, With a Weekly Record Of 33%
In just one week, SHIB price rose by 9% or more, and 6,000 cryptocurrency wallets were opened. CryptEye ReportsThis is the highest number of holders in history. Thanks to new investors, the total number of accounts is now within the range of a few hundred.
Over the last three months, 150,000 wallets have had at least one SHIB transactions. Between September’s middle and the end, there was a notable increase. 87,000 wallets opened during this period were specifically designed to store SHIB.
Despite a rise in the number of people holding a SHIB, it wasn’t enough to push the token’s price. Despite the fact that SHIB holders are increasing, it does not necessarily mean there are more quotations. A striking instance of this is the huge liquidation in Ethereum by SHIB holders. The top 100 ETH whales held more than $120million in Shiba Inu a week ago; that figure has fallen to $40 million.
Featured image taken from Pixabay. Chart from TradingView.com