Shiba Inu price is moving swiftly north after revisiting lows below $0.00001000. The second-largest meme coin trades at $0.00001044, following a 6.5% climb in 24 hours. Bulls will likely beef up their efforts if SHIB cracks resistance at $0.00001100. Such a move will also invalidate Shiba Inu’s extended downtrend within the confines of a falling parallel channel.
Shiba Inu price is back on the drawing board but is it time to buy?
The falling channel’s throughline was handy for SHIB on Thursday after slashing its value by slightly over 5% in a day. Now, all eyes are fixated on the token’s ability to break free from the bearish shackles reinforced by the channel’s upper boundary.
Shiba Inu price bullish breakout could be a matter of when – not if based on insight from the Stochastic oscillator, currently brushing shoulders with the midline. The index has formed a positive divergence from the moving average, a condition that may continue calling sidelined investors to join the uptrend and capitalize on SHIB’s prospective swing to $0.00001797.
Bullish market participants must wait for Shiba Inu to validate movement above the falling channel before they activate their long orders. Moreover, a buy signal from the MACD (Moving Average Convergence Divergence) is necessary to ascertain the validity of SHIB’s much-anticipated trend reversal.
This buy signal will manifest as the 12-day EMA (Exponential Moving Average) crosses above the 26-day EMA, blue. SHIB’s uptrend will gain traction if the MACD settles above the mean line or even closes the gap to 100.00.
Shiba Inu price recovery might be well overdue if whale activity is considered. On-chain data from Santiment outlines a significant increase in supply held by top non-exchange addresses.
The chart below shows that the supply held by this cohort of addresses grew by 11.07% from 673.92 to 757.92 trillion SHIB tokens. Shiba Inu price stability may ascribe to these top addresses. Otherwise, the meme token would have wiped out the gains to its all-time low.
Intriguingly, Shiba Inu price is still up 18,497,634% from its all-time low of $0.000000000056366.
Investors should tread carefully going forward, keeping in mind the bear market is far from over. Therefore, it is essential to take profits whenever they can and appreciate dips, as they offer new and discounted entries.
That said, the IOMAP on-chain model by IntoTheBlock highlights an intense resistance at $0.00001100. Approximately 24,200 addresses previously purchased 55.88 trillion tokens in that area.
SHIB holders in this range will likely consider selling to break even as the price climbs to close the gap at $0.00001800. Thus, increasing overhead pressure in a situation could either derail recovery or result in another dip under $0.00001000.
Shiba Inu Alternative – Tamadoge
Tamadoge is the fastest-growing meme coin in the crypto space, barely a month after its listing in September. TAMA rallied to an all-time high of $0.19 but retreated to $0.04 as some investors took profits on a portion of their holdings.
Unlike Shiba Inu, a token with a maximum supply of 999.99 trillion, Tamadoge has a maximum supply of only 2 billion. Price data from CoinGecko confirmed a circulating supply of slightly above 1 billion tokens.
The team is currently running a drop for the platform’s rare NFTs on OpenSea, and more NFTs will be released on the 17th of October.
Tamadoge has, from its inception, been destined to become one of the most successful meme coins in the crypto market by creating utility through dynamic products like P2E (play-to-earn) games and its own Metaverse called the Tamaverse.
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