Shiba Inu price, recorded a very impressive rise last week and managed to put a smile on the face of its investors. The rise has now caused the meme coin to reach a significant breakout level. SHIB has to face important levels to decide ‘ok’ or ‘continue’ at this level.
Shiba Inu (SHIB) The price rallied by 75% last week as it broke out of the almost two-week consolidation range. This uptrend was a ripple effect of the bullish momentum from Bitcoin.
As impressive as this increase is, Shiba Inu price is currently facing a supply zone stretching from $0.000293 to $0.0000326. Traders may prefer to wait for SHIB to consolidate in this area and possibly retest the weekly support level at $0.000283. If the Shiba Inu price manages to stay above this level, there will be a good chance for the rally to continue.
SHIB price rallyThe most important factor in gaining strength in the opinions regarding the extension of the current period was the increase in daily active addresses from 5481 to 10,770 in the last four days. This 84% increase in addresses is an important proof that investors are interested in SHIB even at current price levels.
Another stimulus to the potential bullish outlook is the increase in the number of large transactions worth $100,000 or more. Such transfers act as a proxy for the corporate investment rate, rising 56% from 488 to 761 last month, indicating a bullish outlook.
On the other hand, if SHIB breaches the $0.000283 level, it will trigger a steep decline from the $0.000233 high to stable support levels. Breaking this level will invalidate the bullish thesis and will result in a retest of the demand zone stretching from 0.0000158 to 0.0000193. Here, buyers may have another chance for a bull rally.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.