🔥🚀🚀Shiba Inu Also Strengthens for a Major Pattern Amid Decreasing Open Interest: Could the Bulls Breakout?

In the midst of Bitcoin's rise to an all-time high of $73,600 in March, the meme coin market has emerged as the most lucrative sector on the market, generating returns exceeding 1,300% on average among the top tokens by market capitalization.Dec. However, with the price of Bitcoin falling to the level of $ 60,000, traders are now keeping their eyes on the potential gains in meme coins. In particular, the fact that the #SHIB is showing significant signs of activity creates hopes of a bullish reversal in the midst of negative indicators.

Data from IntoTheBlock shows that #ShibaInu has established critical support at the Dec.0.00001 level, and prices range from Dec.0.000008 to Dec.0.000014. About 400,000 addresses have purchased 244 trillion SHIB tokens. It is noted that exactly 397,000 addresses currently hold about 244 trillion SHIB at an average price of $ 0.00001, potentially providing strong support to prevent the price from falling below this level.

What's Next for the SHIB Price?

Sh December Tue has been oscillating in a narrow symmetrical triangle formation range for the last three days, indicating a balance in trading activity at these price levels. However, buyers are aiming to push the price above the descending resistance line.

The bulls are trying to push the price above the EMA100 trend line, and a break above the current downtrend line may signal that the downtrend momentum is decreasing. This could push the pair up to $0.000028, where it is likely to encounter significant resistance from the bears.

The bears are preparing to challenge the support again at the $0.000021 level. A break of this level could trigger an intense wave of selling and potentially drag the SHIB/USDT pair sharply towards the next important support, $0.000019, effectively wiping out all the gains in the last bullish phase.

#Memecoins #binance