{"id":637,"date":"2022-12-25T10:19:12","date_gmt":"2022-12-25T04:49:12","guid":{"rendered":"https:\/\/news.cetoex.com\/?p=637"},"modified":"2022-12-25T10:19:13","modified_gmt":"2022-12-25T04:49:13","slug":"shiba-inu-is-a-20-rally-to-0-00001-on-the-cards","status":"publish","type":"post","link":"https:\/\/news.cetoex.com\/shiba-inu-is-a-20-rally-to-0-00001-on-the-cards\/","title":{"rendered":"Shiba Inu: Is A 20% Rally To $0.00001 On The Cards?"},"content":{"rendered":"\n

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Source: Skrumble.com<\/figcaption><\/figure>\n\n\n\n

Cetoex News – The state of the crypto market has been quite monotonous of late. Over the past day, the aggregate valuation of all crypto assets from the market noted a mere 0.06% deviation. As a result, the global crypto market cap reflected a value of $812 billion at press time.<\/p>\n\n\n\n

With Christmas just round the corner, market participants have been anticipating a hype-induced rally. So, in this article, we\u2019ll analyze if Shiba Inu can pull off an uptrend over the short term or not.<\/p>\n\n\n\n

Even though the state of the market has been quite wobbly, Shiba Inu has managed to maintain a market cap of over $4.5 billion. With neither bulls nor bears being able to assert their dominance, the price of the asset has remained almost unchanged over the past day.<\/p>\n\n\n\n

Data from IntoTheBlock revealed that Shiba Inu is on the verge of stepping into its largest resistance zone from the on-chain perspective. As illustrated below, at an average price of $0.00001, a whopping 316.05k addresses have bought 190.89 trillion Shiba Inu tokens.<\/p>\n\n\n\n

This means, as soon as SHIB approaches the psychological $0.00001 level,<\/strong> it will be put to test by these buyers, who\u2019ll be triggered to cash out when they break-even.<\/p>\n\n\n\n

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Source:\u00a0IntoTheBlock.com<\/figcaption><\/figure>\n\n\n\n

Is Shiba Inu\u2019s Path To $0.00001 All Clear?<\/h3>\n\n\n\n

Seemingly not. SHIB has a couple immediate resistances that it will have to clear before attaining the said level. At the moment, the asset\u2019s price has established strong support around $0.00000814. From here, it will first have to clasp onto $0.00000888 before heading towards its EMAs.<\/p>\n\n\n\n

Since mid-September, the 50 EMA [yellow] has obstructed SHIB from climbing above it. So, only if the asset\u2019s price manages to establish base around $0.00000888, it\u2019d become easier for bulls to attempt to break above the said hurdle at $0.00000924.<\/p>\n\n\n\n

From thereon, another uptick to the 100 EMA can transpire if the bullish momentum persists. That EMA coincides with the psychological $0.00001 mark and the average buy price of the on-chain resistance cluster. Attaining the said level will transpire into a 20.96% rally for Shiba Inu.<\/p>\n\n\n\n

If bulls succumb and bears manage to take over the driver\u2019s seat over the next few days, then, a dropdown to its early-June support around $0.0000074 can be expected.<\/p>\n\n\n\n

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Source: TradingView.com<\/figcaption><\/figure>\n\n\n\n

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NEWS BY – CETOEX NEWS<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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