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Home Altcoins

SHIB pumps 65% in a week, but you should check these levels

March 11, 2024
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SHIB pumps 65% in a week, but you should check these levels
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  • SHIB holders had average unrealized profits of 52% on their investments at press time.
  • A sharp increase was observed in SHIB addresses holding between 0–10 coins.

Popular meme coin Shiba Inu [SHIB] moved sideways in the last 24 hours of trading, as traders took a breather after trading billions of dollars of the token over the week.

Broadly, the tenth-largest cryptocurrency spiked 65% over the week, and a whopping 270% in the last month, fueled by a bull market that has pushed prices of assets tied to internet memes soaring.

SHIB investors sitting on big gains

According to AMBCrypto’s examination of Santiment’s data, SHIB’s daily volumes have lifted dramatically over the last two weeks, reaching levels last seen during the market’s previous bull cycle.

The lure of higher returns was enticing traders in hordes. As of this writing, SHIB holders had average unrealized profits of 52% on their investments, as gauged by the 30-day MVRV Ratio.

Shiba Inu trading volume

Source: Santiment

Watch out for these levels

At press time, SHIB was exchanging hands at $0.000034.

Technical analyst Ali Martinez highlighted a key resistance level at $0.000038, breaching which could spur a 40% rise in SHIB’s value to even $0.000052.

However, if SHIB fell below the crucial support at $0.000033, the aforementioned bullish narrative would be nullified.

AMBCrypto analyzed some of SHIB’s other key technical indicators to predict its next moves.

The Relative Strength Index (RSI) was still moving in the overbought territory, signaling a potential correction in SHIB’s price in the near term.

That being said, the overriding sentiment was bullish, as RSI typically stays in the 40 to 90 zone during uptrends.

See also  These Altcoins Are Set To Inject Billions Into The Crypto Market By May

The Moving Average Convergence Divergence (MACD) line crossed above the signal line, implying strong buying pressure and continuation of the upward momentum.

Shiba Inu technical analysis

Source: Trading View

Retail investors take center stage

SHIB’s rally was powered by retail investors, as seen by the sharp increase in addresses holding between 0–10 coins.


Read Shiba Inu’s [SHIB] Price Prediction 2024-25


Moreover, the rate at which new users were entering the network accelerated sharply in recent weeks, implying growing adoption.

Retail interest Shiba Inu

Source: Santiment

Meanwhile, the SHIB market entered the “Extreme Greed” phase at press time, as seen through Hyblock Capital’s data. This meant that the demand for SHIB remained strong, setting the door for further gains.

Shiba Inu Fear and Greed Index

Source: Hyblock Capital

Next: Bitcoin network fees doubles as BTC closes in on $70K

READ ALSO

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  • SHIB holders had average unrealized profits of 52% on their investments at press time.
  • A sharp increase was observed in SHIB addresses holding between 0–10 coins.

Popular meme coin Shiba Inu [SHIB] moved sideways in the last 24 hours of trading, as traders took a breather after trading billions of dollars of the token over the week.

Broadly, the tenth-largest cryptocurrency spiked 65% over the week, and a whopping 270% in the last month, fueled by a bull market that has pushed prices of assets tied to internet memes soaring.

SHIB investors sitting on big gains

According to AMBCrypto’s examination of Santiment’s data, SHIB’s daily volumes have lifted dramatically over the last two weeks, reaching levels last seen during the market’s previous bull cycle.

See also  As Bitcoin dips below key support level, this group makes major moves

The lure of higher returns was enticing traders in hordes. As of this writing, SHIB holders had average unrealized profits of 52% on their investments, as gauged by the 30-day MVRV Ratio.

Shiba Inu trading volume

Source: Santiment

Watch out for these levels

At press time, SHIB was exchanging hands at $0.000034.

Technical analyst Ali Martinez highlighted a key resistance level at $0.000038, breaching which could spur a 40% rise in SHIB’s value to even $0.000052.

However, if SHIB fell below the crucial support at $0.000033, the aforementioned bullish narrative would be nullified.

AMBCrypto analyzed some of SHIB’s other key technical indicators to predict its next moves.

The Relative Strength Index (RSI) was still moving in the overbought territory, signaling a potential correction in SHIB’s price in the near term.

That being said, the overriding sentiment was bullish, as RSI typically stays in the 40 to 90 zone during uptrends.

The Moving Average Convergence Divergence (MACD) line crossed above the signal line, implying strong buying pressure and continuation of the upward momentum.

Shiba Inu technical analysis

Source: Trading View

Retail investors take center stage

SHIB’s rally was powered by retail investors, as seen by the sharp increase in addresses holding between 0–10 coins.


Read Shiba Inu’s [SHIB] Price Prediction 2024-25


Moreover, the rate at which new users were entering the network accelerated sharply in recent weeks, implying growing adoption.

Retail interest Shiba Inu

Source: Santiment

Meanwhile, the SHIB market entered the “Extreme Greed” phase at press time, as seen through Hyblock Capital’s data. This meant that the demand for SHIB remained strong, setting the door for further gains.

Shiba Inu Fear and Greed Index

Source: Hyblock Capital

Next: Bitcoin network fees doubles as BTC closes in on $70K
Tags: CheckLevelspumpsSHIBWeek

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October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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‘China’s going to have it’ – Donald Trump crypto stance, finally explained

‘China’s going to have it’ – Donald Trump crypto stance, finally explained

July 25, 2024
All about Ethereum’s latest Plectra upgrade

All about Ethereum’s latest Plectra upgrade

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HIVE Digital Capacity Crosses 10 EH/s in May, Aims to More Than Double That by Year-End

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Ethereum: Is your ETH safe? New data raises some Qs for you…

Ethereum: Is your ETH safe? New data raises some Qs for you…

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