The Shiba Inu price closed at $0.00017 on June 30, posting a 36.6% loss for the month. However, online data shows that bullish traders are now preparing for a strong start to July. Will the $0.000020 resistance fall next week?
SHIB Price Stops Reversal at $0.000017 as Bulls Move into Action
After a turbulent end to the month, Shiba Inu and other large-cap meme coin projects ended June 2024 with negative growth. SHIB closed at $0.000017 on June 30, reflecting a 34% loss for the month.
The chart above shows how the price of Shiba Inu dropped from $0.000026 on June 1 to close to $0.000017 on June 30. However, when zoomed out, the chart shows that SHIB ended the month with strong demand, as evidenced by the two consecutive green candles.
During this period, the price of SHIB has risen by 7% from its recent lows recorded during the crypto market crash on June 24.
This suggests that after nearly 35% losses over the past month, SHIB bulls are making stealth strategic moves to regain market position, while experienced traders on the sidelines are also looking to take advantage of the decline.
Bullish Traders Increase SHIB Buy Orders by 4.2 Trillion
Shiba Inu prices closed strong in June 2024, posting a moderate 7% gain to reclaim $0.000017. However, on-chain data suggests that SHIB bulls could be poised for a much bigger rally in the first week of July.
IntoTheBlock’s exchange order data tracks the total value of buy/sell orders placed for specific crypto assets aggregated across crypto exchanges. When buy orders exceed sell orders, it is often a precursor to a price rally and vice versa.
As of July 1, Shiba Inu summary order book data shows that bullish traders have placed active buy orders worth SHIB 4.2 trillion at current prices.
Meanwhile, the remaining sell orders are less than 3.6 trillion SHIB. With sellers entering the exhaustion phase, it is unlikely that new sell orders will grow at the same rate on Monday.
At current prices, the current excess demand of 600 billion SHIB is worth approximately $10.2 million. Bulls could capitalize on this supply and demand mismatch to push prices up to $0.000020 in the coming week.
Shiba Inu Price Analysis: Bulls to Return $0.000020
Shiba Inu (SHIB) showed signs of recovery after a prolonged downtrend, ending the day at $0.000017494 with a moderate gain of 1.54%. By analyzing the chart provided, we can identify key support and resistance levels that may influence SHIB price movement in the coming days.
The immediate support level for SHIB is at $0.000016462, where the Parabolic SAR (Stop and Reverse) dots indicate potential buying pressure. This level has been tested several times, demonstrating its strength as a support zone. If SHIB fails to hold this support, the next significant level to watch is around $0.000016000. A break below this level could lead to further declines, testing previous lows.
On the resistance side, SHIB faces its first major hurdle at $0.000018000. This level coincides with the upper boundary of the current trading range, and the Parabolic SAR dots cross above the price, signaling potential resistance.
Beyond that, the next key resistance is around $0.000020000, a psychologically important level for bulls to recapture. A successful break above $0.000020000 could pave the way for a retest of higher resistance levels around $0.000022000 and beyond.
In conclusion, the Shiba Inu price action is currently struggling with key support and resistance levels. Holding above $0.000016462 will be crucial for the bulls to gain momentum.
Meanwhile, breaking the resistance at $0.000018000 and eventually $0.000020000 will be vital for a sustained upward move. Investors should keep a close eye on these levels for potential trading opportunities.
