The mainstream meme coin Shiba Inu (SHIB) is back on the trending list across several price aggregators. Shiba Inu’s (SHIB) long-term holders have celebrated the dog-themed meme coin’s return past $0.00000500. Token burns & long-term holder interest contributed along with mid-to-high Ethereum (ETH) price correlation.
These Shiba Inu Levels Make a Difference
After a month’s hiatus and trading below this hot threshold for the bigger part of Summer, SHIB’s $0.00000532 level is now acting as the SuperTrend support line. While the smaller-scale Shiba Inu price charts may still look mixed in signals, the daily candlestick-based chart provides us with a clearer picture of SHIB’s price setup.
As highlighted in a recent analysis by Gopal, Shiba Inu’s daily charts puts two compressing between converging trendlines on display, with the $0.00000600 – $0.0000070 bubble acting as the key breakout zone. “Volatility is tightening, suggesting a bigger move could be brewing”, – said the crypto technician, setting targets for two compelling scenarios.
Big-Time Holders Step In: Two Scenarios
If the clear triangle on the daily Shiba Inu coin charts breaks upward, early February levels of roughly $0.00000900 come on the horizon.
If that triangle happens to break out downward, SHIB may bounce off the middle support box at $0.00000400 before touching the lower support area at $0.00000300, typically serving as an attractive entry point for big-time investors.
The Chaikin Money Flow (CMF) has spiked back to positive green levels last Friday, following the market excitement after the landmark crypto meeting.
The billions flushed into the altcoin market rotation helped Shiba Inu approach the $0.00000600 breakout confirmation line, while the current $0.00000555 price offers a cautiously bullish perspective on the triangle break.
