Shiba Inu (SHIB) is signaling signs of recovery following recent price declines, buoyed by shifting sentiment in the cryptocurrency market.
Key Levels for SHIB Coin
SHIB coin has formed a rising triangle pattern on the four-hour chart, typically indicating possible upward breakouts. Currently, SHIB is testing the significant resistance at the $0.000017 level. If this level is breached, it appears likely that the price could rapidly reach $0.000020. Historical price movements indicate SHIB has tested this resistance multiple times but faced significant selling pressure.
Investor Behavior and Liquidation Levels in Shiba Inu
Investors have diversified their strategies regarding SHIB. According to Coinglass data, there are currently $1.26 million in long positions and $166,369 in short positions. Critical liquidation levels are identified at $0.00001545 and $0.00001695, which could lead to liquidation waves depending on price movement.
Technical Analyses and On-Chain Data
Technical analyses and on-chain data support a potential upward movement for SHIB in the short term. Investors are closely monitoring the breakout level of $0.000017, as this could trigger a 20% increase. As investor interest grows, on-chain data shows a notable transfer of SHIB coins to exchanges. It remains unclear whether this movement is for selling purposes or to secure the assets.
Recent changes in investor sentiment and technical analysis suggest that Shiba Inu may recover some of its value soon. Investors are advised to monitor market trends closely and act considering potential risks.
