Shiba Inu Price Poised For Bearish Reversal

This week, the crypto market experienced a fresh relief rally, as BTC price analysis revealed a surge from a low of $49,000 to $61,000—marking a 24% increase.

Shiba Inu price analysis reveals a slight uptick of 0.5% to reach $0.000014 on a low-volatility Saturday. Following the Thursday rally, the crypto market has been attempting to stabilize as BTC price seeks support at $60000.

After a week of bearish pressure that saw BTC price analysis drop to lows of $49,000, a fresh rally began on Thursday, March 16. As highlighted by crypto price tracking website CoinGecko, BTC price soared by 24% to reach highs of $61,000.

The rally also saw meme coins like Dogecoin and Shiba Inu surge by over 30% to continue their rally from early 2024. However, the buying pressure fizzled out as BTC price faced resistance at the $60,000 level.

After beginning the week at $0.00001, Shiba Inu price rose to highs of $0.000014 on Friday. Buyers drove a 3.5% surge, facing resistance at the wedge pattern's trendline at $0.000015.

Since March 2024, the two converging trendlines act as dynamic resistance and support, carrying a steady correction trend in SHIB coin price.

Furthermore, the In/Out of the Money Around Price (IOMAP) metric highlights that around 9.11K addresses hold over 50T SHIB tokens at an average purchase price of $0.000015. This overhead supply at a loss could sell their tokens at break-even in anticipation of a market correction, further bolstering the selling momentum.

Also read: Best Meme Coins to Buy in March: SHIB, DOGE, GPT, and More

Shiba Inu Bearish Reversal Inbound?

After beginning the week at $0.00001, Shiba Inu price rose to highs of $0.000014 on Friday. Buyers drove a 3.5% surge, facing resistance at the wedge pattern's trendline at $0.000015.

However, the Average Directional Index (ADX) slope above 35% indicates that sellers remain the dominant force in the market. Thus, a potential reversal could plunge the Shiba Inu price by 28% to rest at the $0.00001 psychological level.

Shiba Inu Active Addresses Surge 30%

In contrast, Intotheblock analytics reveal a 30% surge in Shiba Inu’s active addresses, rising from 3.63k to 4.73k within the last 24 hours. Additionally, zero-balance addresses have doubled, increasing from 1.03k to 2.03k.

Shiba Inu price is currently ranked 13th on CoinGecko with a market capitalization of $7.6 billion, having risen by 36% over the past seven days.

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