Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market and trading world. Today, we are diving into the world of meme coins and taking a closer look at Shiba Inu.
Shiba Inu has been making headlines recently, consolidating above $0.00002 while other mega cap meme coins like PEPE and Dogwifhat (WIF) suffered major dips. This resilience in Shiba Inu’s price has caught the attention of strategic investors who see the potential for an accelerated breakout once the crypto sector enters a rebound phase.
Despite the broader crypto market facing bearish headwinds and shedding over $50 million in market capitalization, Shiba Inu has managed to avoid breaking down below the critical support level. This has led to speculation that SHIB price could rebound towards the $0.000030 area in the near term.
Coinglass’ Liquidation Map chart further supports this bullish outlook for Shiba Inu. The chart shows that the number of SHIB LONG leverage positions has exceeded the SHORTs, indicating that derivative traders are increasingly betting on an early price rebound.
Looking ahead, if Shiba Inu prices surge another 10% to reclaim $0.000026, SHORT traders risk potential liquidations of $1.14 million. On the other hand, bulls have mounted leveraged LONG positions worth $2.09 million, which could be liquidated if prices fall below the critical $0.00002 support level. With more bullish sentiment in play, the scenario of SHIB prices advancing towards $0.000026 appears more likely.
As we look to the future, positive sentiment surrounding the 2024 Bitcoin Halving event could drive SHIB prices even further towards the $0.000030 territory. Stay tuned for more updates and insights on Shiba Inu and other exciting opportunities in the world of trading and investing.
