Shiba Inu (SHIB) Sees Over 26% Gains During Market Recovery
30 Ottobre 2022 - 12:51PM
NEWSBTC
It’s been a green October ending for the entire crypto market, and
the meme coin section is no exception. Shiba Inu, the biggest
Dogecoin rival, has fluctuated 26% gains after joining the recent
market-wide correction. Earlier in the day, the top-20 coin had a
24-hour high of $0.00001488. It even looked like it’ll break
through the $0.000015 mark. However, it faced serious rejection and
fell back to $0.00001251. With this fall, Shiba Inu has lost 0.52%
on the day. Nonetheless, it might enter into November with a solid
price range if it finds support. Related Reading: Bitcoin
Price Aims For $21,000, Will There Be A Wider Trend Change?
However, higher price rejection during the current rebound rally
may soon present a reversal opportunity. Shiba Inu Surges Alongside
Other Memecoin, Can It Sustain The Growth? Shiba Inu has joined the
surge in meme coins with Dogecoin as billionaire Elon Musk
completes his Twitter takeover. The cryptocurrency market recovery,
marked by rising altcoin demand, has continued alongside a week of
gains in U.S. markets. After a week-over-week increase of 48%, the
price of Shiba Inu soared to the $0.000015 level. It surpassed the
important Exponential Moving Averages(20, 50, and 100). In
retrospect, the bullish breakthrough of the consolidation that
occurred between $0.0000104 and $0.00000955 was the spark that
ignited the rally. The altcoin’s current market price is
$0.00001255. This represents a 0.52% decrease intraday and a
rejection of $0.000015. Shiba Inu might retest the $0.00001255 0.5
FIB level or the $0.0000128 0.382 Fibonacci retracement level. But
selling pressure at the overhead barrier of $0.000015 has to
intensify for this to happen. If the purchasing pressure continues
throughout the corrective phase, the price of Shiba Inu will break
above the overhead barrier. This would create a chance to enter the
market and fuel positive sentiment. This means that a daily candle
closing over $0.000015 can push prices up to $0.000016. New SHIB
Wallets Reaches New Highs as it Gains Weekly High Of 33% In a week
when SHIB prices rose 9% and more, 6,000 new cryptocurrency wallets
were created. CryptEye reports that the number of holders has hit a
new record high. The total is within a few hundred accounts of the
2.22 million mark, thanks to the influx of new investors. In the
previous three months, the number of wallets with at least one SHIB
transaction has climbed by 150,000. The most notable spike occurred
between the middle and end of September. During this time, 87,000
new wallets were opened specifically to hold SHIB. Related Reading:
ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A
Rally To $7 Despite a rise in the number of people holding a SHIB,
it wasn’t enough to push the token’s price. Even though there are
more SHIB holders, this does not mean that there are more quotes.
One glaring instance is the massive liquidation of SHIB holdings by
major Ethereum holders. A week ago, the top 100 ETH whales
controlled more than $120 million in Shiba Inu; now, that number
has dropped to around $40 million. Featured image from Pixabay and
chart from TradingView.com
Grafico Azioni ApeCoin (COIN:APEUSD)
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