Shiba Inu Bulls Mount 4.2T SHIB Buy Orders for $0.000020 Rebound

Shiba Inu closed at $0.00017 on June 30, marking a 36.6% loss for the month. However, on-chain data indicates that bullish traders are preparing for a strong start in July.

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The key question is whether the $0.000020 resistance will break in the coming week.

Shiba Inu’s June Performance and July Prospects

After a difficult end to June, Shiba Inu, along with other major meme coins, recorded negative growth for the month. On June 30, SHIB closed at $0.000017, marking a 34% loss for the month.

Shiba Inu Price Action | SHIBUSD | TradingView

The price of Shiba Inu dropped from $0.000026 on June 1 to near $0.000017 by June 30. However, the chart indicates that SHIB ended the month with strong demand, evidenced by two consecutive green candles.

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During this period, SHIB’s price surged by 7% from the recent lows experienced during the crypto market crash on June 24. This suggests that, despite the nearly 35% losses in June, SHIB bulls are making strategic moves to regain market strength, while opportunistic traders are looking to buy the dip.

Shiba Inu’s Strong Finish in June and Bullish Prospects for July

Shiba Inu’s price made a strong close to June 2024, achieving a 7% upswing to reclaim the $0.000017 level. On-chain data suggests that SHIB bulls could be preparing for even larger gains in the first week of July.

IntoTheBlock’s Exchange Order Books data tracks the total value of buy/sell orders placed for specific crypto assets across various exchanges. When buy orders exceed sell orders, it often signals an upcoming price appreciation phase.

As of July 1, Shiba Inu’s aggregated exchange order books data shows that bull traders have mounted active buy orders for 4.2 trillion SHIB at current prices. Meanwhile, the remaining sell orders amount to less than 3.6 trillion SHIB. With sellers likely entering an exhaustion phase, it is unlikely that new sell orders will surge at the same rate on Monday.

At current prices, the 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 toward the $0.000020 level in the week ahead.

Shiba Inu (SHIB) Price Analysis: Key Support and Resistance Levels

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.

Shiba Inu price forecast | SHIBUSD | TradingView

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.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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