Shiba Inu (SHIB) Hovers Near Crucial Support, 340% Breakout Possible
Shiba Inu (SHIB) price hovers near crucial support, with key resistance levels in sight. The meme coin's record-low supply and whale accumulation hint at a potential 340% breakout.
SHIB is currently trading around $0.00001182, slightly below the $0.000012 support band. Key resistance levels to watch include the 20-day EMA at $0.00001238, 50-day EMA at $0.00001264, 100-day EMA at $0.00001286, and 200-day EMA at $0.00001364.
Sellers remain active just under the 20-day EMA, while buyers defend the ascending trendline near $0.00001180. SHIB is consolidating within a tightening triangle pattern, bouncing repeatedly from $0.00001180 since mid-September, suggesting accumulation is underway. Recent data from Coinglass shows a modest $638,000 inflow of SHIB on exchanges, indicating some investors are positioning ahead of October.
Analysts highlight the support level near $0.00001180 as crucial for SHIB's next move. On the downside, a break below this level may expose SHIB to $0.00001100 and $0.00000999. However, SHIB's strong community, Ethereum-based smart contract functionality, its DeFi ecosystem, and token burn mechanisms support its growth potential, targeting both meme-coin enthusiasts and DeFi users.
The next move of SHIB could determine whether it resumes an upward rally or faces further consolidation. With key resistance levels in sight and a strong community backing, SHIB's price action will be closely watched by both retail investors and market analysts in the coming weeks.
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- Fast-food chain Subway joins the trend of plant-based alternatives, introducing a Beyond Meat meatball sub.
%20Hovers%20Near%20Crucial%20Support%2C%20340%25%20Breakout%20Possible){kind=link}