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The famous meme coin Shiba Inu might be getting ready to break its previous all-time high. The movements on charts are spreading excitement among the Shib Army. At the end of October 2021, as the crypto market was about to take a dip, the dog-themed meme coin started its downward journey. From a peak of $0.00008854, it touched the bottom at $0.00000543 in June 2023. What are the symptoms that point towards an uprising? Let’s discuss.
Historical Price Patterns of Shiba Inu
Before we dive into the current conditions, let’s have a look at the past. As Niccolò Machiavelli said, “Whoever wishes to foresee the future must consult the past.” Since June 2022, SHIB has been moving mostly in a confined zone between $0.00000731 and $0.00001320. The memecoin finally broke out of this range in February 2024.
The price has been following the support and resistance levels indicated by the Fibonacci retracement perfectly. In the last week of February 2024, SHIB surged by 371.98% to reach $0.00003564, however, it could not hold this position for long. Facing rejection from the 0.618 level of Fib at $0.00003429, the token started another down movement. From March to November 2024, Shiba Inu moved in a symmetrical triangle only to receive an upside breakout during the US election.
Current Technical Analysis and Key Levels
Currently, on a daily chart, we can see the movement is perfectly aligning with Fib levels, and the current support is at $0.00002553, with an ongoing resistance at $0.00003429. The RSI looks solid at 67.40, giving huge space for the price rise, and ADX at 41.94 supports the move. However, if we talk about the balance of power, it is currently at -0.55, which means bulls are taking a break before pushing the price further up.
The 200 moving average has been crossed over by 20, 50, and 100 MA, and the 20 daily moving average lies exactly at the 0.5 support level of Fib. This shows that this is a very solid support zone now, and as the whole crypto market is in bullish sentiment, there are next to zero chances that this will be broken. The token is witnessing a 37.16% surge in the daily trading volume, which is at $6.11 billion at the time of writing.
Investor Sentiments and On-Chain Metrics
According to data by IntoTheBloc, 74% of Shiba investors are in profit at the current price of $0.00002950. Seven percent of investors bought at the current price range, leaving 19% in the loss.
Since the launch of the Shiba Inu blockchain Shibarium, the total value locked in it is on the rise, with a few small bumps. Currently, the TVL is $5.57M. It was in decline from March 2024 till November, then it gained a huge spike. Approximately 41.07% of the total supply has been burned, supporting the rise of price.
Shiba Inu Ecosystem: Expanding Horizons
There are a number of projects that are built on Shiba Inu, which are contributing to its mass adoption and transactions. With every transaction, some amount of the fee is burned. These projects include a decentralized exchange called ShibaSwap, a collectible card game named Shiba Eternity, Shiboshis (a collection of 10,000 NFTs), and ShibaSwag.
The SHIB ecosystem has other currencies like Leash and Bone. A new project, “Treat,” is coming to the ecosystem soon. There are many other projects on their way to support the Shiba Inu ecosystem. The bullish market sentiment and strong support levels suggests that the memecoin is on the path of rising.