Market
Will Shiba Inu Price Face a Setback After Recent Gains?
Shiba Inu’s recent price gains have driven market participants to lock in profits not seen in a long while. On September 6, SHIB’s price was $0.000012.
Today, the meme coin’s value has increased to $0.000013. While long-term holders might anticipate a sustained increase, on-chain analysis reveals that the token might face a setback.
Shiba Inu Holders Book Profits
Data from IntoTheBlock reveals that short-term Shiba Inu (SHIB) holders are preparing to offload over 4 trillion tokens. According to the Exchange Onchain Market Depth, this amount surpasses the number of tokens ready to be purchased on the top 20 exchanges.
At current prices, the tokens set for sale are valued at $52 million, while the buy orders total $32.50 million. When sell orders outweigh buy orders on exchanges, it often leads to price consolidation or a decline.
In SHIB’s case, the current data suggests that the token’s price could experience a downturn rather than an upswing.
Another metric supporting this outlook is SHIB’s Realized Profit, which Glassnode data shows has spiked to its highest point in over a month.
Specifically, the on-chain analytics provider reveals that SHIB’s short-term holders have realized profits totaling $9.39 million. Combined with the potential for a sell-off, it is reasonable to anticipate that SHIB’s price might face a downturn.
Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024
SHIB Price Prediction: $0.000010 Looms
From an on-chain perspective, the In/Out of Money Around Price (IOMAP) shows that SHIB’s price could face resistance at $0.000014. For context, the IOMAP classified addresses based on those in profits, those out of gains, and those at breakeven point.
With this indicator, one can predict where the price of a cryptocurrency could move using the volume purchased at a price range. When the volume is higher at a range and is in the money, the crypto has strong support.
For SHIB, the volume accumulated around $0.000014 exceeds 48 trillion, significantly higher than the volume purchased between $0.000011 and $0.000013. Considering this condition, SHIB’s price might experience a pushback as it attempts to reach $0.000014.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Once rejected, the next level for the price to reach in the short term might be $0.000010. However, Shiba Inu’s price might experience upward pressure and break above $0.000014 if buying pressure surges to incredible levels. If that happens, the token’s value might climb to $0.000016.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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