It was a green October end for the entire cryptocurrency market, and the meme coin segment was no exception. Dogecoin’s biggest rival, Shiba Inu, has risen 26% after joining the latest market-wide correction.
Earlier in the day, the top 20 coins posted a 24-hour high of $0.00001488. It even looks set to break the $0.000015 mark. However, it faced severe rejection and retreated to $0.00001251. This fall, the Shiba Inu fell 0.52% on the day. Still, if it finds support, it could head into November with a solid price range.
However, in the current rally, higher price rejection could soon present a reversal opportunity.
Shiba Inu is surging along with other Memecoins, can it sustain growth?
Shiba Inu joins the surge in meme coins alongside Dogecoin as billionaire Elon Musk completes his acquisition of Twitter. The cryptocurrency market recovery, marked by rising altcoin demand, has continued alongside a week of gains in the U.S. market. The price of the Shiba Inu surged to the $0.000015 level after gaining 48% in a week. It is above the important exponential moving averages (20, 50 and 100).
In retrospect, the consolidation bullish breakout between $0.0000104 and $0.00000955 was the spark that ignited the rally. The current market price of the altcoin is $0.00001255. This represents an intraday loss of 0.52%, rejecting $0.000015. Shiba Inu could retest the $0.00001255 0.5 FIB level or the $0.0000128 0.382 Fibonacci retracement level. However, for this to happen, the selling pressure must increase at the resistance level above $0.000015.
If buying pressure persists throughout the correction, the price of Shiba Inu will break above the overhead barrier. This will create an opportunity to enter the market and inspire positive emotions. This means that a daily close above $0.000015 can push the price to $0.000016.
SHIB is currently trading at $0.000012. | Source: SHIBUSD price chat from TradingView.com
New SHIB wallet hits weekly high of 33%
6,000 new cryptocurrency wallets were created in a week when the SHIB price rose by more than 9%. CryptEye reported that the number of holders hit an all-time high. The total is within a few hundred accounts at the 2.22 million mark due to the influx of new investors.
The number of wallets with at least one SHIB transaction climbed by 150,000 over the past three months. The most notable surge occurred between mid and late September. During this period, 87,000 new wallets were opened specifically for holding SHIB.
Although the number of people holding SHIB has increased, it has not been enough to push up the price of the token. Even if people hold more SHIB, that doesn’t mean there are more offers. A clear example is the massive liquidation of SHIB holdings by major Ethereum holders. A week ago, the top 100 ETH whales controlled over $120 million in Shiba; now, that number has dropped to around $40 million.
Featured image from Pixabay and chart from TradingView.com
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