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Shiba Inu rises 14% over a seven-day period, targeting 0.0000285 with key support at 0.0000150 and resistance above 0.000019.
Shiba Inu (SHIB) has experienced a notable 14% weekly surge from its recent lows, positioning itself for a potential upward target of 0.0000285. According to a TradingView analyst, Pullback Signal, SHIB has been forming a classic inverse head and shoulders pattern on the 4-hour chart against Tether (USDT).
This bullish reversal pattern, if confirmed, could drive significant gains for SHIB holders.
Inverse Head and Shoulders Pattern
A distinctive inverse head and shoulders formation is evident on the SHIB/USDT 4-hour chart, suggesting a bullish trend reversal. The recent low of 0.0000150 was followed by a 14% increase, bringing SHIB to its current level of 0.00001992, according to the chart.
Notably, a successful breakout above the neckline could propel SHIB to a target of 0.0000285. Key levels to watch include the pullback level at 0.0000150 and the stop-loss level at 0.0000140 to manage risk. Initial take-profit targets are set at 0.0000209, 0.0000239, and ultimately 0.0000285.
Many Holders Bought SHIB Above The Pullback Level
Further analyzing SHIB, In/Out of the Money Around Price reveals critical support and resistance levels. A significant portion of addresses are “In the Money” with purchase prices ranging from $0.000016 to $0.000019. This range indicates a strong support zone, as many holders bought SHIB at these prices.
Conversely, addresses that bought SHIB above $0.000019 are “Out of the Money,” indicating potential resistance levels. Significant clusters of these addresses are between $0.000020 and $0.000022, which could pose resistance as holders may sell to break even or cut losses.
Renewed Interest in SHIB?
An examination of SHIB’s price movements and Daily Active Addresses (DAA) over six months shows a strong correlation between the two. From mid-January to late February 2024, SHIB’s price surged along with its DAA, indicating strong network activity.
After hitting a peak, SHIB experienced volatility but maintained high DAA. From early May to mid-June 2024, SHIB’s price declined, with reduced active addresses suggesting waning interest. Recently, both price and DAA have shown positive growth, reflecting renewed interest in SHIB.
Despite the ongoing recovery, the 24-hour trading volume has been relatively low, averaging $262 million over the past week. This trend might be due to investor apathy as many market participants remain uncertain if bulls can sustain the ongoing rebound.
Nonetheless, with a market cap of $11,142,851,613, Shiba Inu continues to hold significant value in the market. The highest price ever recorded for SHIB was $0.00008616 on October 28, 2021.