The second largest meme coin is slowly taking advantage of the recent rise. But when will the rally begin? Two days ago, the Shiba Coin team announced their heavyweight partner in their new announcement. Along with this, the support level of $0.000008 is strongly defended. So what is the current situation on the Shiba Coin front?
Shiba Inu (SHIB) News
On November 15, the famous boxer Manny Pacquiao’s aid foundation announced a partnership with Shiba Inu’s layer2 network. Yesterday, the Shiba Coin team shared an announcement stating that the activity of the network has increased. However, when we check the Shibarium data, we do not see a significant increase in activity. The rate of increase in new addresses is low, and this does not support the price.
Nevertheless, despite the bearish market conditions, the support level of $0.000008 is being defended by the bulls. Despite a 15% drop from the price peak of $0.00001 on November 11, buyers continue to dominate, allowing the support level to be maintained.
If buyers are dominant while the market fluctuations continue, there must be things that support their upward motivation. Since buyers appear to be stronger than sellers for SHIB Coin, we may see a surprising recovery. Of course, this requires some recovery in the price of BTC.
Shiba Coin Comments
The current price of Shiba Inu is $0.000008, above the peaks of the past 2 months. Normally, we see short-term investors selling altcoins. However, Shiba Coin investors are less inclined to sell despite a 13% gain since the beginning of the year.
According to data from IntoTheBlock, the average age of SHIB tokens has been decreasing for months. What does this mean? It means that short-term investors who buy are selling without waiting for a long time. However, the increasing age of the coin now confirms that there is less inclination to sell due to the longer holding period of the tokens.
The dominant buying momentum shown by long-term investors indicates that if the $0.0000085 level is surpassed, new highs can be achieved. If the bulls take control as predicted, the SHIB price will target the previous local resistance of $0.00001. If the momentum continues to increase, it is possible for the price to double to $0.00002. This would require something new to trigger FOMO. Maybe there will be more impactful partnerships for Shibarium?
