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Shiba Inu (SHIB) Aims at $0.000008 Breakthrough, Here's Why

Fri, 07/28/2023 - 11:30
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Arman Shirinyan
Shiba Inu needs a hand in order to break current resistance level
Shiba Inu (SHIB) Aims at $0.000008 Breakthrough, Here's Why
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Shiba Inu (SHIB) is gaining a foothold on the cryptocurrency market, as it aims to break through the $0.000008 price level. Market patterns and indicators suggest this ambitious target is within reach, and here's why.

According to Global In/Out of the Money (ITB), a data analysis tool that identifies the average cost at which tokens were purchased by every address with a balance of tokens, SHIB's price is currently resting on a "pillow" of 40 trillion SHIB. This calculation is done by comparing the current price with the average cost. If the current price is higher than the average cost, the address is "In the Money," and if it's lower, the address is "Out of the Money."

Shiba Inu chart
Source: TradingView

Presently, Shiba Inu is moving within an ascending triangle, a powerful technical pattern often signaling a price breakout. Moreover, the price of SHIB is hovering around the 50 EMA (Exponential Moving Average), a crucial threshold for determining the token's medium-term momentum. However, it is struggling to break this level, currently stagnating at around $0.0000078.

While this may raise questions about the meme coin's ability to surge beyond the coveted $0.000008 mark, the presence of the 40 trillion SHIB "pillow" suggests a strong support level for the token. Furthermore, the configuration of SHIB in the ascending triangle points to an imminent volatility spike that could potentially push its price beyond the 50 EMA.

Shiba Inu (SHIB) Forming Yet Another Triangle Pattern

The source of this anticipated volatility, however, is uncertain. The cryptocurrency market is notoriously unpredictable, and while various events, like major partnership announcements or impactful market news, could serve as a catalyst for such a surge, it is not clear at this time what that trigger might be.

While Shiba Inu's journey to the $0.000008 mark is fraught with uncertainty, market indicators suggest it is a realistic target.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.