Shiba Inu (SHIB) is signaling signs of recovery following recent price declines. The shift in the negative sentiment of the cryptocurrency market has increased expectations for a price rise in SHIB coin. Technical analyses and on-chain data support a potential upward movement for SHIB in the short term. Investors are closely monitoring the breakout level of $0.000017, as this could trigger a 20% increase.
Key Levels for SHIB Coin
SHIB coin has formed a rising triangle pattern on the four-hour chart, typically indicating possible upward breakouts. Currently, SHIB is testing the significant resistance at the $0.000017 level. If this level is breached, it appears likely that the price could rapidly reach $0.000020.
Historical price movements indicate that SHIB has tested this resistance several times but faced significant selling pressure. However, the recent shift in market sentiment strengthens the likelihood of a price increase.
As investor interest grows, on-chain data shows a notable transfer of SHIB coins to exchanges. It remains unclear whether this movement is for selling purposes or to secure the assets.
Investor Behavior and Liquidation Levels in Shiba Inu
Investors have diversified their strategies regarding SHIB. According to Coinglass data, there are currently $1.26 million in long positions and $166,369 in short positions. Critical liquidation levels are identified at $0.00001545 and $0.00001695, which could lead to liquidation waves depending on price movement.
The cumulative value of open positions has increased by 12%, indicating that traders have more faith in the upward potential. However, it is crucial for investors to monitor price movements closely and manage risks effectively. If SHIB closes above the $0.000017 level for four hours, an upward trend is expected to be confirmed.
