Over the last two weeks, the number of wallet addresses holding the SHIBA INU token has grown by over 9%, surpassing an earlier count of 738,000. The SHIB token was in a sideways market range, however retail demand for the token drew in more than 60K new holders, which represents an increase of more than 9%.
Based on our on-chain analysis, we see that an address has purchased over 8 trillion SHIB tokens valued at about 239.4 million USD after an earlier liquidation of about 31 billion SHIB tokens, indicating that investors continue to be bullish on the project.
Since the SHIB token has evolved from a meme coin to a robust decentralized exchange [ShibaSwap] offering staking, swapping, farming, and NFTs, investor confidence is believed to be on the rise.
Now, let’s analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Weekly Chart Analysis
On the Poloniex crypto exchange, a weekly overview shows the sudden price surge and exit of the bearish expanding channel formed by opposing bearish and bullish divergence setups.
Using Poloniex’s weekly overview, you can see how a sudden price surge caused a bearish expansion channel to follow after opposing bearish and bullish divergence set-ups. The inside-bar candlestick pattern on 11 October ’21 indicates that the bulls are not going anywhere anytime soon, so we should expect another wave of upward momentum.
Shiba Inu (SHIB) Daily Chart Analysis
SHIBUSDT is currently exhibiting an Elliot Wave structure [1-2-3-4-5] as seen on the daily chart above, which is currently at the correction wave-4.
The price is expected to break the 0.00003523 resistance and reach the 0.000050 resistance after the break of the ATH on Binance.
The RSI continues to show readings above level-25 after every spike above level-75 at the time of this post, so the uptrend is the most likely scenario.
Shiba Inu (SHIB) 4HR Chart Analysis
Upon triggering a regular bearish divergence on 07 October 2008, the SHIB price experienced a price hike above 350%, entering a range-bound market structure. A little over a week has passed since the SHIBUSDT price range has become prolonged. On 15 October 12:00, it began to signal a hidden broad range bullish divergence.
In spite of the bearish divergence on 18 October 16:00, the bears do not seem to be able to force the SHIB price lower.
Following the Elliot wave-5 narrative on the daily time frame, we anticipate the price to surge beyond the 0.00002952 resistance level to kick-start an exit above the price channel into a new all-time high.
SHIBUSDT will undergo bearish sentiment if it breaches the 0.00002058 support level.
Shiba Inu SHIB Intraday Levels
- Mid–Term Trend: Strong Bullish
- Spot rate: 0.00002876
- Volatility: High
- Support: $0.00002335 and $0.00002058
- Resistance: $0.00002952, $0.000035 and $0.000050
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.