Main Takeaways:-
- SHIB approached a key support level, with a 17x rise predicted by expert CryptoELITES.
- Shiba Inu’s open interest increased sharply by 43% in 2 weeks, indicating increased bullish sentiment.
- SHIB token reserves on exchanges dropped to all-time lows, indicating a potential supply constraint.
Massive 17x Rally Ahead? Analyst Bullish on SHIB’s Current Position
Crypto expert CryptoELITES recently noted a SHIB “support level” that could indicate a critical inflexion point. The expert projects a possible increase between 14x and 17x from the present price zone. If this prediction becomes reality, the SHIB price could reach a peak of $0.00021, representing a record-breaking surge.
The prediction relies on Shiba Inu’s price staying above its lower support level and breaking past resistance around the $0.00003 mark. If it moves above this level, SHIB could rise to $0.000085 and might even remove a zero from its current price.
Market signals provide additional backing for this outlook, with the top altcoin price presently stabilising near key historical support levels. These areas have caused big price jumps before, making a strong case for a possible breakout based on the current chart.
SHIB Supply on Exchanges Reaches All-Time Low
On-chain data, as reported by Santiment, disclosed that SHIB’s exchange supply has reached all-time lows. This decline indicated that only some tokens are provided for instant sale, which usually happens before a supply shortage when demand goes up. These conditions can cause prices to rise quickly.
The present supply trend reflected the previous accumulation period, mentioned in mid-2021, when SHIB’s limited restricted supply triggered a rapid price increase. Some tokens on exchanges usually indicate investor trust and decreased selling pressure. This creates a steady situation where upward price movement can increase.
SHIB Open Interest Climbs 43% in Only Two Weeks
According to the data from Coinglass, it indicates that SHIB’s open interest has climbed by 43% in only two weeks. The unsettled derivative positions have surged from $94 million to $135 million. This is associated with the fact that traders are expecting a significant market shift.
More open interest shows that more people are involved in futures and options trading, which might clearly mean that the users are waiting for prices to go up. But this also brings the risk of using borrowed money. If volatility increases, it could lead to big profits or major losses, depending on which way the market moves.
Expert Mentioned Strong Accumulation Zone
In addition, crypto expert SHIB Knight mapped this buying trend for the SHIB price presently present at $0.00001270.
On the price chart, Shiba Inu showed a flat pattern, which usually means the price is taking a break before its next move. The analyst said this setup could make history again.
The accumulation area has shown consistent stability, with a maximum intraday level of around 2.75%, indicating that the buyers are entering trades at these levels. This is similar to past SHIB price patterns, where buying and holding led to a price increase for the meme coin.
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Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
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