It’s been a green October ending for the entire crypto market, and the meme coin section is no exception. Shiba Inu, the biggest Dogecoin rival, has fluctuated 26% gains after joining the recent market-wide correction.
Earlier in the day, the top-20 coin had a 24-hour high of $0.00001488. It even looked like it’ll break through the $0.000015 mark. However, it faced serious rejection and fell back to $0.00001251. With this fall, Shiba Inu has lost 0.52% on the day. Nonetheless, it might enter into November with a solid price range if it finds support.
However, higher price rejection during the current rebound rally may soon present a reversal opportunity.
Shiba Inu Surges Alongside Other Memecoin, Can It Sustain The Growth?
Shiba Inu has joined the surge in meme coins with Dogecoin as billionaire Elon Musk completes his Twitter takeover. The cryptocurrency market recovery, marked by rising altcoin demand, has continued alongside a week of gains in U.S. markets. After a week-over-week increase of 48%, the price of Shiba Inu soared to the $0.000015 level. It surpassed the important Exponential Moving Averages(20, 50, and 100).
In retrospect, the bullish breakthrough of the consolidation that occurred between $0.0000104 and $0.00000955 was the spark that ignited the rally. The altcoin’s current market price is $0.00001255. This represents a 0.52% decrease intraday and a rejection of $0.000015. Shiba Inu might retest the $0.00001255 0.5 FIB level or the $0.0000128 0.382 Fibonacci retracement level. But selling pressure at the overhead barrier of $0.000015 has to intensify for this to happen.
If the purchasing pressure continues throughout the corrective phase, the price of Shiba Inu will break above the overhead barrier. This would create a chance to enter the market and fuel positive sentiment. This means that a daily candle closing over $0.000015 can push prices up to $0.000016.
New SHIB Wallets Reaches New Highs as it Gains Weekly High Of 33%
In a week when SHIB prices rose 9% and more, 6,000 new cryptocurrency wallets were created. CryptEye reports that the number of holders has hit a new record high. The total is within a few hundred accounts of the 2.22 million mark, thanks to the influx of new investors.
In the previous three months, the number of wallets with at least one SHIB transaction has climbed by 150,000. The most notable spike occurred between the middle and end of September. During this time, 87,000 new wallets were opened specifically to hold SHIB.
Despite a rise in the number of people holding a SHIB, it wasn’t enough to push the token’s price. Even though there are more SHIB holders, this does not mean that there are more quotes. One glaring instance is the massive liquidation of SHIB holdings by major Ethereum holders. A week ago, the top 100 ETH whales controlled more than $120 million in Shiba Inu; now, that number has dropped to around $40 million.
Featured image from Pixabay and chart from TradingView.com