The price of Shiba Inu Coin is at a very important point in its history because it is only a short distance from reclaiming its previous monthly highs. The SHIB burn rate has also gone up for the second time this week, which means that the Shibarium network is becoming more active.
This news comes at the same time as the announcement that Shibarium’s first games will be coming out soon, which has the Shiba Inu community very excited. Even though this is good news, traders have started more Short positions in the last 24 hours, losing more than $7 billion worth of tokens.
Will these SHIB owners get their money back and get out from under the water?According to Santiment data, the number of Shiba Inu 24-hour active addresses has gone up since the low point on August 18. On August 20, they reached a two-week high. As the number of live addresses kept going up, the price started going down on August 21.
Shiba Inu Whale Activity Surge
There was a positive divergence, which caused prices to go up. As soon as the breakout happened, whale activity went up (large red jumps), which could mean they were selling their bags because the price soon went back down.The price drop is being used by traders to open more long bets as whales continue to book profits.
The Coinglass Liquidation Map shows that there is a total of $2.35 million in Long liquidation Leverage, which is almost twice as much as Shorts. This imbalance shows that traders on the SHIB market are optimistic about price increases, which means that bullish mood is strong.
When we look at the IntoTheBlock data, we see right away that a lot of buyers are stuck in mud. According to the IOMAP data, more than 106,000 addresses that hold more than $7 billion in SHIB tokens are buried. Most of them were bought for an average of $0.000017, which is 21% less than what they are worth now.
This amount of SHIB stuck at this price level is more than 85% of all tokens that are in circulation. In other words, there wouldn’t be much stopping the price of Shiba Inu Coin from going even higher if it reached and broke above this level. Quickly, it would go back to its all-time highs.
The Shiba Inu Coin price chart shows that the price may be about to break out to the upside after a period of stabilization. The price is still stuck in a narrow range, but it has recently moved above a key support level of $0.00001404, which suggests that it might start to move higher.
At the moment, the price of SHIB is testing support at $0.00001476. If this level is broken cleanly, the price could go up even more to the next goal, which is around $0.00001700. At this point, there may be stronger selling pressure.
The Bollinger Bands and Relative Strength Index indicators also show that there is more instability and the chance of further gains and continued upward movement.
A strong breakout above $0.00001476 over a period of time would mark the start of a bullish turnaround. Depending on how the market is doing in general, the long-term goal could be as high as $0.00002000 if the breakout is proven. But as the RSI gets close to overbought levels, it could mean that you should be careful or take some profits.
Shiba Inu price prediction shows that if bears win, the asset could drop back to $0.00001300 or even lower, which would prove the bullish theory wrong. The price of one Shiba Inu coin used to be able to go up or down, but now it’s being held steady at 0.00001404.
