Shiba Inu Price Analysis:

Shiba Inu price closed trading at $0.00017 on June 30, sealing a 36.6% loss performance for the month, but on-chain data shows the bull traders are now bracing up for a strong start to July. Will the $0.000020 resistance cave in the week ahead?

SHIB Price Halts Reversal $0.000017 as Bulls Swing into Action

After a torrid end to the month, Shiba Inu and other mega cap meme-coin projects all ended June 2024 with a negative growth performance. On June 30, SHIB closed at the $0.000017, reflecting a 34% loss for the month.

The chart above shows how Shiba Inu price had fallen from the $0.000026 on June 1 to close a the $0.000017 level on June 30. But zooming out, the chart shows that SHIB had closed the month the with strong demand, as reflected by the two-consecutive green candles.

During that period SHIB price has surged by 7% from the recent lows recorded during the crypto market crash on June 24.

This suggests that after nearly 35% losses in the past month, SHIB bulls are making strategic moves behind the scenes to regain foothold in the market, while savvy traders on the sidelines are also seeking to scoop the dip.

Bull Traders Mount Orders to Buy 4.2 Trillion SHIB

Shiba Inu price has made a strong close to June 2024, scoring a mild 7% upswing to reclaim the $0.000017 level. However, on-chain data suggests that SHIB bulls could be bracing up for much larger gains in the first week of July.

IntoTheBlock’s Exchange Order Books data tracks the total value of buy/sell orders placed for a specific crypto assets, aggregated across to cryptocurrency exchanges. When buy orders exceed sell orders, it is often a precursor to a price appreciation phase, and vice versa.

As of July 1, Shiba Inu Aggregated Exchange Order Books data shows that bull traders have mounted active buy orders to purchase 4.2 trillion SHIB around the current prices.

Meanwhile the remaining sell-orders amount to less than 3.6 trillion SHIB. With sellers having entered exhaustion phase, it is unlikely that new sell orders would surge at the same rate on Monday.

Valued at the current prices, the current excess demand of 600 billion SHIB is worth approximately $10.2 million. Bulls could capitalize on this disparity between demand and supply to drive prices higher towards the $0.000020 level in the week ahead.

Shiba Inu Price Analysis: Bulls to Reclaim $0.000020

Shiba Inu (SHIB) has shown signs of recovery after a prolonged downtrend, closing the day at $0.000017494 with a modest gain of 1.54%. Analyzing the provided chart, we can identify key support and resistance levels that may influence SHIB’s price movement in the coming days.

The immediate support level for SHIB lies at $0.000016462, where the Parabolic SAR (Stop and Reverse) dots indicate potential buying pressure. This level has been tested multiple times, demonstrating its strength as a support zone. If SHIB fails to maintain this support, the next significant level to watch would be around $0.000016000. A break below this could lead to further downside, testing the previous lows.

On the resistance side, SHIB faces its first major hurdle at $0.000018000. This level coincides with the upper boundary of the current trading range and the Parabolic SAR dots transitioning above the price, signaling potential resistance.

Beyond this, the next key resistance is around $0.000020000, a psychologically important level for bulls to reclaim. Successfully breaking above $0.000020000 could pave the way for a retest of higher resistance levels around $0.000022000 and beyond.

In conclusion, Shiba Inu’s price action is currently battling key support and resistance levels. Holding above $0.000016462 will be crucial for the bulls to gain momentum.

Meanwhile, overcoming the resistance at $0.000018000 and eventually $0.000020000 will be vital for a sustained upward movement. Investors should closely monitor these levels for potential trading opportunities.