Shiba Inu Price Hits $100M Brickwall as ETH, BTC Rally on Trump Speech

Shiba Inu Price Analysis

Shiba Inu price stagnated at the $0.000017 area over the last 3-days, on-chain data shows that short-term traders are now looking to bail on SHIB, will this spark a major reversal toward $0.000015?

SHIB Price Hits Brickwall at $0.000017

Shiba Inu bulls and bear traders are in a tug of war at the $0.000017 territory amid bullish headwinds from Donald Trump’s speech as the Bitcoin Nashville conference.

While other mega cap assets in the top 15 crypto market rankings such as Bitcoin (BTC) , ETH and Bitcoin Cash (BCH) all registered sizeable gains, SHIB has hit a stand still, sparking speculations that short-term traders are now growing disgruntled.

SHIB price has been in a steep downtrend since the Ethereum ETFs officially launched on July 22. Due to the intense volatility triggered by the ETF launch,  investors are taking a sit-and-watch approach on Ethereum-hosted projects like Shiba Inu.

At the time of publication on July 30, SHIB price is now down 9.84% from last-week’s peak of $0.000018 recorded on July 22.

Shiba Inu Now Facing $100 Million Sell-Wall

Having stagnated at the $0.0000017 territory over the last 3-days, short-term traders are now looking to dump SHIB in favor of more tokens with more vibrant price movements.

IntoTheBlock’s Exchange Order books data provides clear insights supporting this pessimistic outlook for Shiba Inu price action.

The Exchange Order Books chart, also known as the Exchange on-chain market depth, compares the flow of buy orders to the number of sell-orders currently listed for the SHIB token across.

Shiba Inu Exchange Order Books, July 29 | IntoTheBlockLooking at the “Ask’ side on the right of the chart above, we see that SHIB traders have placed orders to sell over 5.9 trillion SHIB at the average price of $0.000017.This reflects a looming sell-wall worth over $100 million.

Meanwhile, prospective buyers have only placed orders for 3.4 trillion SHIB. This alignment show there’s currently an excess market supply of about 2.5 trillion SHIB on the markets.

Going by the cardinal laws of demand, when market supply of asset outpaces demand, it put downward pressure of prices.

More so, other rival coins like PEPE, XRP and BCH all outperforming Shiba Inu over the past week. This signal that short-term SHIB traders mounting sell-orders could to exit quicker to ape-in on the the better performing assets.

SHIB Price Forecast: Bulls Must Hold $0.000015 Support

Shiba Inu (SHIB) is currently trading at $0.000016696, having gained a slight 0.47% in the last 24 hours. The Parabolic SAR indicator shows a series of dots above the price candles, indicating a bearish trend. This suggests that the bulls must hold the critical support level at $0.000015 to prevent further downside. If this support fails, SHIB could test lower levels.

The Commodity Channel Index (CCI) is at -70.38, indicating that SHIB is in the oversold territory. This oversold condition suggests that a potential bounce could occur if the bulls manage to defend the $0.000015 support level. However, sustained bearish pressure could see the price continue to decline.

In terms of resistance, SHIB needs to overcome the $0.000019295 level, marked by the recent high. A break above this resistance could see the price testing the upper Bollinger Band around $0.00002000. Bulls would need significant momentum to clear these levels and sustain an upward movement.

In summary, while the current indicators show a bearish trend, defending the $0.000015 support level is crucial for the bulls. Overcoming the resistance at $0.000019295 could open the path for further gains, but failure to hold support might lead to more selling pressure and lower prices.