In an attempt to catch up with BTC’s latest surge, Shiba Inu now hinges on this price threshold.
Shiba Inu’s (SHIB) price roller-coaster carries on as the general crypto markets restore a $4.36 trillion market capitalization on Bitcoin’s (BTC) new all-time record. However, the path towards recovery has been anything but solid for the dog-embossed meme coin so far. Despite nearly climbing back above $0.000013 last weekend, the bounce back got stalled.
Key SHIB Level Surrounded With Two Magnets
Presently trading at $0.00001264, Shiba Inu coin (SHIB) is still way below the pivotal point, known as confluent resistance. According to Crypto Feras, a popular crypto trader with a following of 92.3K on X, the $0.00001546 level is set to give the boost everyone’s been waiting for.
By this theory, this $0.00001546 could serve as a magnet towards the next two major horizontal resistance levels, at $0.00001943 & $0.00002462, respectively. While this might seem like a brave Shiba Inu (SHIB) price prediction, these levels wouldn’t even reclaim the yearly peak of $0.000033, hit last December.
Shiba Inu Stands In Dubious Price Territory
In spite of the usual ‘Uptober’ figures pointing towards Shiba Inu (SHIB) always in green territory during this season of the year, the fight between crypto currency bulls & bears is evenly-balanced. Neutral figures on the Stochastic Relative Strength Index (StochRSI) constitute Shiba Inu (SHIB) neither overbought, nor oversold.
On the other hand, the technical charts imply that a break past $0.00001473 would make the bulls regain control over the meme asset. This is arguably lower than Crypto Fera’s threshold, representing an almost 100% uptick from Shiba Inu’s current price territory.
On the bright side, Shiba Inu’s whales are making a slight comeback, with the Chaikin Money Flow (CMF) dwelling at 0.05. Large inflows come as investors flock to more speculative assets amidst the global economy uncertainty, mainly caused by the United States (USA) government lockdown.
Stay in the loop with DailyCoin’s top crypto news:
Grayscale Becomes First U.S. Spot Crypto ETP to Offer Staking
TD Sequential Boosts Algorand (ALGO): $1 Pop Off Or Flop?
