Shiba Inu Coin price wavered on Monday and was trading at $0.00001230, up slightly from this month’s low of $0.00001155. This article explores what to expect with the SHIB price as its fundamentals improve.
Shiba Inu Coin Price Technical Analysis
The daily timeframe chart shows that the Shiba Inu Coin price has remained in a tight range over the past few days, trading at $0.00001230.
SHIB token is consolidating at the 50-day Exponential Moving Average. At the same time, it is hovering near the apex of the two lines of the symmetrical triangle pattern.
The Relative Strength Index (RSI) has reached the neutral point at 50, while the two lines of the MACD indicator have formed a bullish crossover.
Therefore, technical analysis points to a potential surge or crash in the coming days or weeks. The most likely scenario is where the token rebounds during this Uptober rally in the crypto market. If this happens, the next key resistance level to watch will be at $0.00001488, the highest point on September 13.
A surge above that level will signal further gains, potentially reaching the key resistance level at $0.00001750, its highest level since June this year.
On the other hand, a drop below the support at $0.00001155 will likely lead to further downside, potentially to the next key support level at $0.000010.
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Whales Are Buying SHIB Coins as Supply in Exchanges Fall
Shiba Inu price has been under pressure in the past few weeks. Most of the weakness happened after the recent hack of Shibarium, its layer-2 network.
However, on the positive side, Shiba Inu Coin has had some highly bullish fundamentals. One of these is the fact that whales have been accumulating the SHIB coin over the past few weeks.
These whales now hold 177.36 billion tokens, up from 36 billion on September 12. Most notably, whales have bought 79 billion SHIB coins this month.
At the same time, the number of SHIB coins on exchanges has been in a strong downward trend over the past few months, indicating that investors are not selling their coins. The supply dropped to 283 trillion tokens, down from 297 trillion in July this year.
The other potential catalyst for the SHIB price is the upcoming approval of altcoin ETFs, which is expected to occur when the government shutdown ends, potentially this week. Although no SHIB ETF filing has been made, there is a possibility that this will happen as the coin meets the criteria of the recently launched listing standards by the SEC.
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