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Home»ALTCOIN NEWS»Shiba Inu Aims to Break 75-Day Range: Is a 110% Rise Possible Now?
ALTCOIN NEWS

Shiba Inu Aims to Break 75-Day Range: Is a 110% Rise Possible Now?

By Crypto FlexsSeptember 21, 20243 Mins Read
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Shiba Inu Aims to Break 75-Day Range: Is a 110% Rise Possible Now?
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  • SHIB is showing signs of breaking out of its 75-day range.
  • The order book liquidity delta indicates that buy orders are deeper than sell orders.

The second largest Mimecoin, Shiba Inu (SHIB), has been consolidating near the $0.000014416 support zone for some time. It has tested this level three times but has not broken below it.

However, the SHIB/USDT price action now shows a possible breakout of the 75-day range. At the time of writing, the tightly compressed Bollinger Bands are starting to widen.

This development could signal the end of the consolidation. Additionally, the wave trend momentum oscillator has formed a golden cross, further indicating increased buying pressure and market momentum.

Shiba Inu

Source: TradingView

As the overall cryptocurrency market is bullish, as seen with Bitcoin and most altcoins, SHIB presents an opportunity to take a long position.

If Shiba Inu breaks out of consolidation and retests, we could see up to a 110% return if it hits $0.00002949 by next year. As pointed out in a previous AMBCrypto analysis, a 300% return is also possible.

Order Book Liquidity Delta Signal…

The total order book depth difference, which measures the liquidity of buy and sell orders, indicates that there are currently more buy orders than sell orders.

Since April 25, most trading days have seen strong buy-side liquidity, while there have been only 15 trading days where sell-side liquidity was dominant.

This trend suggests that traders are buying despite the limited range of the downtrend. This accumulation of long positions adds further support to the idea that SHIB is trying to break out of the Bollinger Bands.

Shiba InuShiba Inu

Source: Coinglass

Although order book liquidity itself does not determine price, a large number of buy orders can act as a catalyst to push the price of SHIB higher.

SHIB Liquidation Heatmap

As the market tends to move towards higher liquidation clusters, the current price action of SHIB is likely to target the $0.0000146 level, where $3.49 million worth of SHIB short positions will be liquidated.

Further price increases could trigger additional liquidations, including $291M in the $0.0000147 range.

Because these areas are close together, even a short price spike can drive this liquidity. If this liquidity is utilized, SHIB could rise further to the $0.000015 level, where $3.13M is ready to be liquidated.

These clusters act as magnets, and once cleared, will drive the SHIB price higher, targeting liquidity just below the current price of $0.0000128, where $3.2 million worth of SHIB is expected to be liquidated.

SHIBSHIB

Source: Coinglass

Ownership by concentration

Historically, whales have dominated SHIB ownership, owning 59.97% of the total supply, or 589.99t SHIB. Investors own 26.74%, and retail traders own 13.29%, or 130.78t SHIB.


Is your portfolio green? Check out the SHIB profit calculator


Whale shares increased by 0.12%, while large investors’ shares increased by 0.46%. Meanwhile, retail shares decreased by 0.41%, but this is not a major concern.

The increasing accumulation of whales and large investors suggests that a surge and explosion in SHIB prices is imminent.

SHIBSHIB

Source: IntoTheBlock

Next: Litecoin: Can Whale Activity and Network Fundamentals Take LTC to $88?

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