Shiba Inu (SHIB) Price Forecast: Imminent Breakout above $0.000030?

This partially explains why Shiba Inu’s price has stabilized above $0.00002 this week while other mega-cap meme coins such as PEPE and Dogwifhat (WIF) have suffered significant declines.

Moreover, with SHIB price currently outperforming the broader trend in the memecoin market, strategic investors could potentially jump on the bandwagon in hopes of accelerating the breakout as the crypto sector enters a recovery phase. be.

While the entire crypto market battled bearish headwinds, losing more than $50 million in market capitalization this week, SHIB price successfully avoided falling below a critical value.

Drawing insight from the $9 million currency outflow, SHIB price could rebound towards the $0.000030 region in the near term.

Coinglass’ liquidation map chart also supports this bullish Shiba Inu price outlook. This represents the value of active leveraged futures contracts at key price levels.

Currently, the number of leveraged positions on SHIB LONG exceeds SHORT, indicating that the majority of Shiba Inu derivatives traders are increasingly betting on an early price rebound.

Shiba Inu SHIB price prediction | Source Coin Glass

As shown above, if the price increases another 10% to regain $0.000026, the Shiba Inu SHORT trader risks losing $1.14 million in potential liquidation. If they choose to trigger their stop loss or close out their positions early, a large sell resistance wall could form in the $0.000025 area.

However, in comparison, the bulls have accumulated $2.09 million worth of leveraged LONG positions, which could all be liquidated if SHIB price falls below the key support level of $0.00002. Given that there are significantly more bull hides in the game, the chances of SHIB price moving towards $0.000026 now look higher.

If this scenario plays out as expected, the positive sentiment surrounding the 2024 Bitcoin halving event could push SHIB price further towards the $0.000030 region.

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