The Shiba Inu price attracts attention after a sharp increase in its token burns, increasing by more than 9,400% in the last 24 hours. This growing sampon burn occurred in the middle of a 7% increase in the Shiba Inu price on the last day.
Shiba Inu Price Eyes 105% Optimistic rally
After an increase of 9,400% of the shib burning rate, Crypto Javon Marks analyst reiterated his prediction for the price of Shiba Inu in the midst of RSI's positive divergence. The divergence appeared with the price of shib forming lower stockings while the RSI creates higher stockings.
A situation like this is generally interpreted as an indication that the sale of pressures lights up and that the momentum on the market is gradually changing and becomes favorable. Brands imply that such formations frequently indicate the start of trend reversals.
According to Javon Marks,, The Shiba Inu price could reach $ 0.000081 if the current trend is valid. This would represent a quadruple from recent stockings of around $ 0.000016 and a gain of more than 105% of current levels. At the time of the press, the first piece of memes was negotiated at $ 0.0000,1610, an increase of 8% of the lower intraday and an increase of 25% in the last seven days.
The SHIB price graph also portrays a rounded background motif, which is a model that often indicates a long -term bullish reversal. According to Marks, Shiba Inu Price Breakout above the resistance in recent times and even the reversal of Hedera by market capitalization indicates that buyers control the market. The appearance of a strong bullish candle in the escape indicates an increase in purchases as well as the confidence of investors.
Suskesting and chain activity resistance areas
Despite recent gains, the price of the shib approaches a resistance zone that could determine its next movement. The data on the intotheblock chain show that around 516.12 sombing billions were previously purchased at prices between $ 0,0000,16 and $ 0.000019. 116,430 addresses contain these tokens.
This concentration of assets could cause a sale pressure if the price enters this area. Many holders can choose to leave their positions because prices return to their average cost, especially if they have since 2021 or at the beginning of 2022.
If Shib moves above this resistance zone with significant momentum, additional gains may be possible. The next range of interest is between $ 0.000019 and $ 0.000024. 136,000 addresses contain approximately 178 billions of sinks at an average cost of $ 0,000022.
The open interest goes up in currency 19%, what then?
The data on the derivative market indicates incoherent signs. While the 24 -hour SHIB negotiation volume is down 25.80% to 311.85 million dollars, open interest increased by more than 19% to 249.33 million dollars.
This indicates the fact that, although some traders have sold their positions, new buyers arrive on the market while waiting for increased volatility.
On the other hand, if the Shiba Inu price is unable to cross its level of resistance, a correction could emerge. According to Intotheblock, the following level support area is between $ 0.000014 and $ 0,000016, where 18.33 sombings are held.
Kelvin Munene Murithi
Kelvin is a distinguished writer with an expertise in crypto and finance, holder of a baccalaureate in actuarial science. Known for its incisive analysis and its insightful content, it has a strong mastery of English and excels in carrying out in-depth research and the dissemination of appropriate updates of the cryptocurrency market.
Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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