Shiba Inu coin price is riding the ongoing bullish wave in the cryptocurrencies. The price is up 13% from the monthly lows and is currently retesting a major resistance level. A breakout above this resistance may unlock 17% upside for the dog-themed digital asset.
Since last week, the investor focus has been on Bitcoin. On Tuesday, Bitcoin price surged to its highest level of the year. This sent a wave of positive sentiment across the whole crypto market. However, SHIB price failed to catch any significant bids and showed very minor gains today.
On a day when the BTC price was up 4%, SHIB only managed to rise 0.8%. This underperformance can be linked to the rising Bitcoin dominance (BTC.D) which has soared to a fresh 2.5-year high.
According to the latest reports, the Shiba Inu coin price has experienced a more than 3,000% surge in the outflows from exchanges. This points towards a potential increase in whale accumulation on different exchanges. However, no major resistance level has been breached yet which is a major concern.
Many analysts are still skeptical of the ongoing crypto rally. The sport Bitcoin ETF, which is fuelling the rally hasn’t even been approved yet. This may result in the actual approval being a sell the news event.
I have mentioned it on quite a few occasions that the $0.00000770 remains a critical level for SHIB to USD. The following chart reveals how the memecoin price is struggling to break above this level. The same chart also shows that the price is still hovering in the demand zone and is yet to breakout of it.
In case of an upward breakout from $0.00000770, the price may retest the downward trendline shown in black. However, for the Shiba Inu coin price prediction to flip bullish, I would like to see a breakout from the same trendline. This would be a strong bearish reversal signal for many traders.
This post was last modified on Oct 24, 2023, 21:13 BST 21:13