A naukri.com initiative
Bitcoinsensus
2w
196
Image Credit: Bitcoinsensus
SHIB Eyes Breakout — Whale Activity and Shibarium Upgrade Fuel Optimism
- Concerns arise as SHIB's recent price decline erases previous gains, but strong historical support and sideways movement hint at a potential reversal setup.
- On-chain data indicates that 64% of SHIB holders are at a loss, yet upgrades like Shibarium, consistent token burns, and increased large-holder wallets suggest underlying strength.
- Macro uncertainty such as geopolitical tensions and trade deadlines impact sentiment, but technical indicators and whale activity suggest SHIB is in a consolidation phase with breakout possibilities.
- SHIB is down 0.86% in a day, with a 5.39% loss over the past week, currently at $0.00001158, a 45.21% drop year-to-date, prompting investors to evaluate short-term weakness.
- Recent Shibarium upgrades aim to enhance transaction speed, while consistent token burns have removed over 320 million SHIB from circulation in the last month.
- Whale activity surged, with large SHIB holders reaching a yearly high on June 16, hinting at potential market movements.
- Technical analysis shows SHIB broke a downward trend on June 9 and is now trading sideways with potential breakout scenarios in play.
- Indicators like RSI below 50.00 and MACD signaling potential exhaustion of sellers provide insights into the current market sentiment.
- Price action at a major support zone of $0.00001150 suggests the possibility of a short-term reversal if bulls defend this level, with resistance levels at $0.00001230 and $0.00001380.
- Traders are advised to monitor RSI for a bounce above 50, watch for a bullish MACD crossover, track breakout patterns above $0.00001230, and observe volume spikes for potential market direction signals.
- Despite the market conditions, engaging in BloFin trading offers incentives such as winning prizes based on trading volume like MacBooks, Apple Vision Pros, or even a $9,400 Rolex.
Read Full Article
11 Likes
For uninterrupted reading, download the app