Shiba Inu (SHIB) has sustained an impressive bullish streak over the past week, marking a significant upward trajectory in its value. With seven out of the last eight days showing positive growth, the meme coin has not only managed to reclaim a critical low of $0.0000076 it registered in December last year, but has also encountered several notable barriers along its upward climb.
In its journey through September, SHIB faced resistance from the established resistance zone and a daily bearish order block situated above $0.00000755.
However, the October rally saw a significant shift, as the hurdle transformed into support, propelling the coin beyond the December low, with the current SHIB price according to CoinGecko standing at $0.0000078, indicating a 2.5% dip over the last 24 hours but still showcasing a substantial 14% surge over the past seven days.
Price Analysis Reveals Liquidation Levels And Potential Pullbacks
The recent price analysis report has highlighted substantial liquidation levels within the cryptocurrency market, drawing attention to a key threshold at $0.0000077 as the upper boundary for liquidations. Additionally, the analysis revealed that medium liquidation levels are concentrated within the range of $0.0000078 to $0.0000079.
These findings indicate that traders and investors should closely monitor these price levels, as they serve as crucial points of interest, potentially signifying significant shifts in market sentiment and trading activity.
The data suggests that these specific price points are currently important reference points in assessing the cryptocurrency’s price dynamics and potential market reactions.
This information hints at the possibility of an extended pullback, potentially leading to a liquidity hunt that could drive SHIB towards the $0.0000077 mark.
Source: Hyblock
The medium liquidation level at $0.0000083 is a significant chart obstacle for SHIB, potentially posing a formidable challenge to any further price increases. It has historically acted as a strong resistance point, and breaking through it could be a key factor in SHIB’s future price performance.
The bullish momentum of Bitcoin has the potential to be a crucial factor in helping SHIB overcome its current price obstacle, especially if Bitcoin surpasses the $35,000 mark. Bitcoin’s significant influence on the broader cryptocurrency market means that a strong Bitcoin rally could stimulate greater…
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