Shiba Inu Eyes Three Bullish Targets as It Recovers 29% from $0.000012 Lows
thecryptobasic.com 11 July 2024 08:14, UTC Shiba Inu (SHIB) has its eyes set on three bullish price targets following a 29% recovery from the recent lows at $0.000012.
The market has not been favorable to Shiba Inu and other altcoins amid sustained selloffs around Bitcoin (BTC). With Bitcoin’s collapse came a cascade of declines across the scene. Consequently, SHIB collapsed 71% from the yearly peak of $0.000045 when it hit $0.00001266 on July 5.
SHIB Sees Sustained Accumulation
However, as Bitcoin hit the floor, the market stabilized. Shiba Inu eventually demonstrated impressive resilience, posting a massive 16% intraday gain on July 6. Despite a subsequent 10% drop, SHIB remained above the $0.00001266 low. At its current price, the token has gained 29% from this price level.
Nonetheless, the recovery push has hit a roadblock, with Shiba Inu largely consolidating for days. Interestingly, The Crypto Basic revealed in a recent report that whales procured 6.57 trillion SHIB in a month during the downtrend. According to Santiment, Shiba Inu saw a mild decoupling from the altcoin market amid this purchase spree.
Meanwhile, data from CryptoQuant indicates that investors have continued to move out their SHIB tokens from exchanges. Notably, market participants have pulled out 6.8 trillion SHIB over the last month. This has brought the Shiba Inu exchange reserve to 144 trillion tokens, the lowest in history.
Shiba Inu Eyes Three Recovery Targets
SHIB is looking to leverage this bullish trend to stage a monumental recovery when the broader market shows strength. However, before the dog-themed asset can embark on this rebound journey, it needs to first decisively close above $0.00001681. This level marks the 20-day SMA, pivotal for a shift in momentum from bearish to bullish.
After breaking the 20-day SMA, SHIB must break the upper Bollinger Band ($0.00001862) to confirm this bullish momentum. Once this is achieved, Shiba Inu’s first recovery target rests on the 38.2% Fibonacci retracement, aligning with $0.00002527.
This area marks a significant resistance point where 108,060 addresses procured 77.08 trillion SHIB. According to IntoTheBlock, this supply wall ranges from $0.000019 to $0.000025 with an average price of $0.000022.
Following this territory, the second Shiba Inu target is $0.00003301 at the 61.8% Fibonacci retracement point. Further data confirms that 139,110 wallets hold 17.83 trillion SHIB at an average price of $0.000033. This level would serve as a major resistance point, one crucial for SHIB to overcome.
The last target represents the yearly peak of $0.000045. This area served as resistance to the previous Shiba Inu rally, and a breach would put SHIB on track to clinch new yearly highs. Interestingly, the resistance at this point is relatively weaker, with a supply wall featuring just 9.69 trillion SHIB.
