- Shiba Inu ($SHIB) is trading at $0.000021, supported by a key reversal zone between $0.000019 and $0.000021.
- On-chain metrics show 17,160 addresses holding 3.22 trillion SHIB at $0.000021, suggesting strong investor interest at this level.
- A positive funding rate of 0.0103% reflects bullish sentiment, but a close below $0.000019 could trigger a 15% drop to $0.000016.
Shiba Inu ($SHIB) is trading around $0.000021 on Tuesday after bouncing from a critical support level at $0.000019. Let’s explore its current setup, key levels, and what might come next.
Key Levels and Technical Outlook
- Support Zone: The $0.000019-$0.000021 range is aligned with the 61.8% Fibonacci retracement and is marked as a crucial reversal zone.
- Upside Targets: Closing above $0.000022 could push SHIB to retest its next resistance at $0.000028, signaling a broader recovery.
- Indicators: The RSI sits slightly bearish at 44, while the MACD suggests indecision among traders, hinting at potential volatility.
On-Chain Metrics Point to Bullish Sentiment
- IOMAP Analysis: Roughly 17,160 addresses purchased 3.22 trillion SHIB at an average price of $0.000021, reinforcing this as a key support level.
- Funding Rate: A positive funding rate of 0.0103% indicates bullish sentiment, as more traders are betting on SHIB’s price to rise.
Risks and Considerations
- Bearish Scenario: A daily close below $0.000019 could invalidate the bullish setup, potentially triggering a 15% decline to retest support at $0.000016.
- Market Uncertainty: While the current outlook leans bullish, further confirmation is needed for sustained upward momentum.
Shiba Inu’s current positioning offers a mix of promise and caution, with clear levels to watch for both bullish and bearish outcomes.
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