Shiba Inu (SHIB), the second largest meme coin, has finally reached its long-awaited critical target. Although it experienced a slight dip at the time of writing, the price remains close to $0.00001. So, what levels should investors pay attention to from now on?
Shiba Inu (SHIB)
Shiba Inu (SHIB) price has surpassed the critical threshold of $0.000095 for the first time since May 2023. It achieved this despite prevailing concerns of further market downturns. The price surge came after the announcement made by Binance. Binance added Shiba Coin as a collateral asset for loans on its exchange. This move will allow Shiba Inu holders to deposit SHIB as collateral to obtain “Flexible Loans” on Binance.
As we enter August, Shiba Inu’s trading volume has decreased following the successful Shibarium product updates that revitalized the ecosystem in recent weeks. However, the Binance news managed to revive network activity. SHIB Token Transfers, which recorded a volume of 7.03 trillion five days ago, dropped to 2.4 trillion on August 2, a 66% decrease. The increase in the number of transferred tokens reflects a growing market demand for SHIB.
Shiba Coin Price Analysis
As shown below, bears have placed active sell orders for 1.5 trillion SHIB tokens. The concerning aspect is that buyers’ accumulation of $1.4 trillion in orders falls short of meeting this supply. Although the sentiment for an upward trend persists, concerns of volume-based selling by bears for profit-taking can be clearly read from the order book.
On the other hand, the $0.000011 resistance level may pose some challenges for further upside. As seen below, there are 318,950 addresses holding an average of 243 trillion SHIB tokens at a price of $0.000011. This indicates that investors looking to take profits could solidify the resistance. Meanwhile, the $0.000008 support level maintains its strength in the short term. However, closings below it could trigger a drop to $0.000006.
At the time of writing, Shiba Coin was finding buyers at $0.0000099.
