Expert Analysis Suggests SHIB May Hit $0.00003298 With This Resistance Breakout
thecryptobasic.com 21 July 2024 18:36, UTC Analysis Suggests SHIB May Hit $0.00003298 with Resistance Breakout.
Shiba Inu (SHIB) is currently trading at $0.00001781, reflecting a notable increase from its price of $0.00001294 just two weeks ago. Despite a drop from its local high of $0.00004605, recent analysis indicates a potential reversal in its fortunes.
Recent analysis by Rick_SimpleSwap on TradingView highlights several key factors that might influence SHIB’s future price movements. This includes volume profiles, resistance levels, and historical holding patterns according to on-chain data.
Volume Profile and Resistance Levels
Per the analyst’s chart, the volume profile for SHIB indicates substantial interest around the current price levels, implying a potential consolidation area. This means that market participants are actively trading at these levels, which could stabilize the price.
The price action is currently attempting to recover and consolidate below a downward-sloping resistance level, marked by a yellow descending trendline on the chart. If SHIB manages to break this downward resistance, it may consolidate above this level, potentially leading to further price growth. The immediate resistance level identified is $0.00002963, with a potential target price of $0.00003298 if the breakout and consolidation occur as anticipated.
Holding Time and Address Activity Show Positive Signs
On the on-chain end, IntoTheBlock’s “Coins Holding Time” chart reveals that the average time SHIB coins are held has recently stood at three months as of early July 2024. On July 1, 2024, the volume transacted was 9.21 trillion SHIB at a price of $0.000016. Historically, spikes in the average holding time have coincided with significant price movements, as seen in May and September 2021.
The recent trend of increasing holding times suggests more long-term holders are participating in the market. This could indicate growing investor confidence in SHIB’s future potential, as increased holding time typically implies reduced available supply, potentially leading to a price surge if demand remains constant or increases.
Additionally, IntoTheBlock’s “Addresses Stats” chart provides insights into new addresses, active addresses, zero-balance addresses, and price correlations. As of July 1, 2024, there were 1.17k new addresses, indicating a steady inflow of new participants. The number of active addresses was 3.64k, showing moderate engagement within the SHIB network.
Zero-balance addresses stood at 1.1k, which could either indicate holders who have sold off their SHIB or new addresses yet to receive any SHIB. Historically, peaks in new and active addresses often precede price surges, suggesting that increased interest and activity within the network could lead to another price increase.
Long-term Outlooks
Elsewhere, a recent survey reported by The Crypto Basic of 13 financial industry experts highlighted ambitious long-term outlooks for Shiba Inu, including the potential to recapture $0.000045 soon.
Shiba Inu has been a notable performer in the ongoing crypto market bull run, advancing by 3.5% in the last 24 hours, bringing its seven-day growth to 5.5%. Despite this, SHIB trades 4.4% below its monthly high of $0.00001781. However, considering SHIB was worth $0.00001294 two weeks ago, its current market value implies a 37.63% growth.
