Shiba Inu (SHIB) Encounters Resistance after a 200% Rally
SHIB grabbed attention after an impressive rally that that had it surging 200%.
- Shiba Inu rose by almost 200% since 4 October.
- For now, the meme coin seems to meet a stiff obstacle.
- Failing to move above $0.000025 might see SHIB retracing to $0.000021 and below.
Shiba Inu noted a massive rally since last week. For now, the altcoin seems to have touched a colossal supply barrier that might halt its upsurges. The recent uptrend comes after the meme market suffered lows following inadequate sentiments to trigger price actions.
SHIB Primed to Plunge
Shiba Inu recorded explosive movements in the past few days. However, the canine-themed cryptocurrency is encountering challenges to surge higher. Keep in mind that most virtual tokens endure losses after a massive rise.
The “DOGE Killer” has gained almost 200% since 4 October, touching the $0.000025 high. The sudden bullishness attracted many market players as SHIB has remained stagnant for over 100 days. The meme crypto space had survived without price catalysts for the past three months.
Most sources indicate that Shiba Inu fascinated cryptocurrency enthusiasts after its recent remarkable price movements. Santiment, a behavior analytic site, stated that crowd hype was critical in SHIB’s recent reactions. Shiba Inu’s social media mentions increased by 70% as the asset recorded upticks.
The incoming chatter in SHIB might not be a good gesture for the asset’s near-term price moves. When SHIB notes surges and the community pays more attention, the token witnesses a steep retracement afterward.
Though Shiba Inu’s social volume outlook doesn’t favor bullish, transaction records indicate that the coin is on steady support. According to the IOMAP model, $0.000021 acts as SHIB’s robust foothold.
Over 10,000 addresses had bought more than 630 billion Shiba Inu tokens around this price. With that demand, a decisive plunge under this area might translate to more losses. That can see the Dogecoin competitor diving towards $0.000017, or $0.000015.
Keep in mind that IOMAP also shows that Shiba Inu will have a critical supply barrier at $0.000025 – about 500 addresses purchased over 8 trillion at this price zone. Holders in this price area might attempt to break even their positions, slowing down SHIB’s upsurge. With that, the token has to close beyond $0.000025 to surge towards $0.000030.
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