Briefly-
- Shiba Inu seems ready for another bullish run, targeting $0.0001.
- Eight whale addresses control nearly 71% of Shiba Inu tokens circulating in the market.
- The meme coin maintaining its price actions beyond 61.8% FIB level will encourage bulls.
Shiba Inu appears ready for another bullish rally as bulls stepped up after the meme crypto endured a corrective pullback. That comes as the coin’s price displayed modest upticks on Saturday, backing Friday’s swing highs. While publishing this content, SHIB has its price 110% high over the past seven days.
Meanwhile, SHIB experienced remarkable gains last week, flipping Dogecoin in market capitalization. For now, Shiba Inu ranks 9th as DOGE stands at the 10th position. Into the Block reports shows that eight whale addresses control a whole 70.52% of Shiba Inu tokens circulating in the financial markets. One of the eight accounts holds 41% of the assets. While writing this content, SHIB/USDT trades under $0.0000750, hovering inside a constricted range after a 0.60% surge.
Shiba Inu Should Clear This Critical Resistance to Touch $0.0001
Also read:Individuals that enjoy buying the dip might be taking advantage of SHIB’s retreat to add their holdings. That shows their belief that the meme coin has the momentum to surge.
From a near-term technical viewpoint, SHIB bounced off a vital $0.0000578 support following drastic retracements from Thursday’s ATH of $0.0000885. The support is 50% FIB retracement level of the latest rise from 21 October lows at $0.00000270 to the new record peak.
Meanwhile, Shiba Inu bulls managed to protect 61.8% FIB of that upswing at $0.0000650 over the previous two sessions. That had the price actions sustaining the sentiment by buyers. On the other past, the 14-day RSI appears north again after easing from massive overbought cases. That supports the SHIB price advance.
For now, the meme coin battles 78.6% Fibonacci level near $0.0000752. An acceptance beyond this level will have the crypto retesting its record highs. Dominant moves beyond the lifetime peaks might catalyze a stress-free upsurge to $0.00010 before touching the 127.2% Fibonacci zone at $0.000105.
However, the 61.8% FIB support highlighted above might continue restricting SHIB’s surge. The 50% FIB area at $0.0000578 can be the level for Shiba Inu bears to react if the downside momentum increases. However, SHIB will have massive support at the $0.000050 to $0.0000460 range.
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