Shiba Inu Consolidates Near Key Technical Support Levels
Shiba Inu Coin is currently trading at approximately $0.00001230, hovering just above its recent lows, indicating a phase of consolidation within a narrowing trading range. The token’s price movement has been limited, fluctuating around its 50-day Exponential Moving Average for multiple sessions.
Market participants observe that SHIB is positioned close to the peak of a symmetrical triangle, indicating possible volatility on the horizon. This arrangement usually comes before significant directional shifts, frequently culminating in upward movements during optimistic seasonal trends such as Uptober rallies.
Technical Indicators Signal Imminent Breakout Scenario for SHIB
On the daily timeframe, the Relative Strength Index is situated right at neutral territory, currently hovering around 50. This shows a harmonious equilibrium between buyers and sellers, with neither party firmly steering the price movement at this moment.
At the same time, the MACD indicator is indicating a bullish crossover, which has historically been a precursor to positive price momentum during breakout phases. Experts highlight that breaking above the nearby resistance levels would affirm this positive technical setup for traders.
Shiba Inu Eyes Key Breakout Levels at $0.00001488 and $0.00001750
Should bullish momentum increase, experts pinpoint $0.00001488 as the initial key resistance level to monitor closely. Exceeding this level would indicate a departure from the recent period of stability, paving the way for potential advancements toward elevated resistance levels.
The upcoming target is positioned around $0.00001750, which marks June’s annual peak and could serve as a significant draw for upward momentum. On the other hand, if $0.00001155 is not maintained, SHIB may slide toward stronger support around $0.000010, which could temporarily undermine the bullish outlook.
Recommended Article: Shiba Inu Investment Debate: Is $1,000 Worth It Right Now?
Whale Accumulation Activity Strengthens Bullish Shiba Inu Narrative
Recent on-chain data indicates that substantial investors have been actively acquiring SHIB, leading to a notable rise in their overall holdings. Whales now hold around 177.36 billion tokens, a significant increase from the 36 billion noted in mid-September.
Significantly, these prominent holders came together to acquire approximately 79 billion SHIB tokens during October, indicating an increased level of long-term confidence. Whale activity frequently signals significant price shifts, as tactical accumulation generally diminishes the circulating supply during crucial turning points.
Shiba Inu Exchange Reserves Drop to 283T as Investors Shift to Self-Custody
Recent data indicates that exchange reserves have decreased from 297 trillion tokens in July to a current total of 283 trillion. This notable drop suggests that investors are moving their assets to self-custody, which lessens the immediate selling pressure on centralized exchanges.
Historically, a decline in exchange reserves is linked to tighter supply dynamics, which can bolster upward price movements in bullish phases. Experts view this trend as a positive indication, reflecting increased confidence among investors in the long-term potential of Shiba Inu.
ETF Speculation Provides Additional Catalyst for Price Momentum
Anticipation surrounding potential altcoin ETF approvals may serve as a significant driver for SHIB’s market standing. Although there is currently no official filing for a SHIB ETF, analysts point out that the token satisfies multiple regulatory listing criteria that have been recently established.
The resolution of the ongoing government shutdown could expedite the approval timelines for ETFs, likely increasing institutional interest. Even a hint of optimism surrounding ETFs can spark enthusiasm among retail investors, often leading to increased inflows and rising prices in speculative crypto assets.
Shiba Inu Market Tightens as Whale Accumulation and Uptober Seasonality Align
The Shiba Inu market is showing a tightening technical structure, alongside whale accumulation and a decrease in exchange supply, which creates an environment ripe for volatility. Market participants are hopeful that the positive seasonal patterns of Uptober may serve as the driving force for significant breakout efforts.
Experts express a measured sense of hope, highlighting that significant resistance breakouts could confirm positive trends and possibly draw fresh energy into the market. On the other hand, not maintaining support levels could hinder further upward movement, highlighting the significance of the trading sessions ahead.
