Investment opportunity in Shiba Inu cryptocurrency - Exploring the potential risks for prospective traders
The cryptocurrency market has been experiencing some fluctuations, and Shiba Inu (SHIB) is no exception. According to recent data sourced from TradingView and Glassnode, the Shiba Inu price has been consolidating within a range for the past few weeks.
The weekly chart shows Shiba Inu has traded within a range from $0.0000106 to $0.000016. Interestingly, the $0.000012 area on the cost basis distribution heatmap represents a key demand zone where a sizeable amount of Shiba Inu has been acquired in recent months. However, the Shiba Inu price has been consolidating above this key demand zone since mid-August.
The 1-day chart does not show any strength from the market's buyers. The descending trendline resistance on the 1-day chart outlines seller dominance, and the RSI was unable to push past the neutral 50-level, another sign of weakness from the bulls. The OBV made a new low on the weekly charts, signaling seller strength.
The exchange net position change for SHIB has been negative since 17 August, according to Glassnode, which could be a sign of outflows from exchanges, indicating accumulation. A recent report on our website noted that whales have been accumulating SHIB.
Despite the key demand zone at $0.000012 being a popular area for recent acquisitions, the cost distribution heatmap suggests that the $0.000012-area may still be a risky buying opportunity. It's important to note that the specific identities of buyers who purchased Shiba Inu around the $0.000012 price level in recent months are not publicly disclosed or available in the sources. Transactions on blockchain are pseudonymous, and no particular individuals or entities are recorded or reported as having bought at that exact price range.
In light of these findings, if the $0.000012 support fails, Shiba Inu's price may drop 15% to its weekly range lows. Therefore, the bulls need to defend the key support at $0.000012 to drive a rally in the coming weeks.
As always, it's essential to conduct thorough research and consider multiple factors before making investment decisions. Stay tuned for more updates on the Shiba Inu price and market trends.
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