The Cryptocurrency Market continues to navigate chopped waters as global economic tensions weigh on investor mood.
Shiba Inu has established a resistance zone around $ 0.00001467- $ 0.00001470, where the sale of high volume has prevented movement upwards, according to Coindesk Research’s technical analysis data model.
The formation of lower heights since recent peaks indicates increasing bearish pressure, although the token has found support between $ 0.00001426- $ 0.00001436.
Recent data shows that Shiba Inu experienced a dramatic fall of 74% in large transaction volumes that dropped from 5.76 trillion Shib to only 1.47 trillion in five days. This significant decrease in whale activity has created a liquidity contraction in the ecosystem, where both influx and outflow fell by over 80% in the last month.
Despite these challenges, several analysts maintain Bullish views on Shib’s future.
Some point to token’s expanding ecosystem, including shibarium development, as the reasons for prolonged optimism. Changelly analysts predict that Shib could reach $ 0.0001 in 2029, while more ambitious forecasts suggest a potential $ 0.01 price point in 2040, although this would require significant supply reduction through token burns.
Technical analysis highlights
- Shib showed remarkable volatility over 24-hour period of prices ranging from a high of $ 0.00001469 to a low level of $ 0.00001425, representing a range of 3%.
- The token established a significant resistance zone around $ 0.00001467- $ 0.00001470, where the sale of high volume occurred over 13:00 and 17:00 hours, preventing further movement upwards.
- Support levels formed at $ 0.00001426- $ 0.00001436, with the price that sprang out of these levels several times, although the falling volume profile suggests waning buyer interest.
- The formation of lower heights since 17:00 -the top indicates increasing bearish pressure, with the price ultimately settlement to $ 0.00001430, down 1.78% from the high of the period.
- In the last hour, Shib demonstrated a remarkable recovery pattern that climbed from $ 0.00001427 to $ 0.00001431, representing a gain of 0.28%.
- The token established a strong support zone of $ 0.00001429- $ 0.00001430, which successfully held during several tests at 1 p.m. 07:26 and 07:30.
- Volume analysis reveals increasing buyer interest, with significant accumulation that occurred during 07: 41-07: 44 period, with prices reaching the session high at $ 0.00001436.
- The formation of higher low lower since 07:56 suggests building bullish momentum, although the resistance remains at $ 0.00001433- $ 0.00001435 level, where a sales pressure occurred at. 07:55.
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