The number of wallet addresses holding the SHIBA INU token has recently increased by over 9% in the last two weeks after breaching an earlier 738,000 address count. While in a sideways market range, retail demand for the SHIB token drew in over 60K of the new holder of the token, which accounts for a more than 9% increase.
On-chain analysis shows an address purchasing over 8 trillion SHIB tokens that are valued at roughly 239.4 million USD following an earlier liquidation of about 31 billion SHIB tokens showing that investors continue to maintain a solid bullish outlook towards the project.
Investor confidence is believed to be on the increase because the SHIB token has grown from being a meme coin into a robust decentralized exchange [ShibaSwap] that now offers staking, swapping, farming, and NFTs.
Let’s move on to analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Weekly Chart Analysis
An overview from the weekly time frame shows the sudden price surge and exit of a bearish expanding channel formed by opposing bearish and bullish divergence setups and setting a new ATH [0.00003523] on the Poloniex crypto exchange.
The hidden inside-bar candlestick pattern on 11 October ’21 is a price indicator that implies that the bulls are not going anywhere any time soon and we should expect to see another impulse wave to the upside.
Shiba Inu (SHIB) Daily Chart Analysis
The above daily chart overview of the SHIBUSDT reveals the crypto-asset in an Elliot Impulse wave [1-2-3-4-5] chart structure, which is currently at the correction wave-4.
A price break 0.00003523 resistance is projected to send the SHIB price beyond the 0.000050 resistance, which also happens to be the ATH on the Binance exchange after launch.
The uptrend is the most possible scenario at the time of putting this post together, considering that the RSI continues to show readings above level-25 after every spike above level-75.
Shiba Inu (SHIB) 4HR Chart Analysis
After a price hike above 350%, the SHIB price entered a range-bound market structure upon triggering a regular bearish divergence on 07 October ’21 08. The SHIBUSDT price range has been prolonged a little over a week before signaling a wide range hidden bullish divergence on 15 October 12:00.
Attempts from the bears to drive the SHIB price lower after the bearish divergence on 18 October 16:00 do not appear to hold much steam.
We expect a price surge beyond the 0.00002952 resistance to kick-start an exit above the price channel into a new all-time high following the Elliot wave-5 narrative on the daily time frame.
Conversely, a price breach of the 0.00002058 support will signal bearish sentiment towards the SHIBUSDT.
Shiba Inu SHIB Intraday Levels
- Spot rate: 0.00002876
- Mid–Term Trend [H4]: Strong Bullish
- 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.