Shiba Inu Price Analysis: Fate of 72 billion SHIB Depends on This Key Level – Crypto News – Crypto News
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Shiba Inu Price Analysis: Fate of 72 billion SHIB Depends on This Key Level – Crypto News

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Shiba Inu price is recovering and is up by 33% from its lowest point this month. This performance follows that of Bitcoin and most altcoins. CoinGlass data highlights the significance of the key price at $0.00001382 and its potential impact on 72 billion tokens, currently worth about $1 million.

Key Shiba Inu Price to Watch as 72 Billion Face Liquidation Risk

Shiba Inu price has rallied in the past few days. This trend may continue if Bitcoin price continues rising now that it has crossed the important resistance level at $90,000 for the first time in a month. 

The chart below provides the SHIB exchange liquidation map. The high orange bars in this chart show the positions that have substantial leverage or debt. In this chart, the red lines are the cumulative longs, while the green lines are the cumulative shorts.

The long positions peak at about 487.8k at around $0.0000132, while the short positions are at 192k and peak at the present price. Long traders hope to make a profit when the price rise, while short-sellers make money when the price falls. 

Shiba Inu Coin Liquidations
Shiba Inu Coin Liquidations | Source: CoinGlass

The interpretation of this chart is that a drop below the key support at $0.00001382, about 192k long positions will start being liquidated. On the other hand, if this price rises above that level, these short positions worth about 842.1k will liquidate. Short liquidations often leads prices higher. 

SHIB Price Technical Analysis and Price Forecast

Technical analysis offers a good approach to predict where the value of SHIB goes from here. Since the last week of February, the coin has been moving sideways, remaining between the key resistance level at $0.00001515 and the support at $0.00001025. 

Shiba Inu price has formed a W pattern, also known as a double-bottom, which often triggers more upside. More gains are usually triggered when the price surges above the neckline of this pattern, in this case, at $0.00001560. This price coincides with the 23.6% Fibonacci Retracement level.

SHIB has crossed the important resistance level at $0.000013, the 50-day moving average. Therefore, more gains will be confirmed if the coin rises above $0.00001560. Such a move will see it rise to the crucial resistance at $0.00001945, the 61.8% or the 38.2% retracement level. This SHIB price forecast points to a 40% jump from the current level.

Shiba Inu Price Chart
Shiba Inu Price Chart

The bullish outlook will be invalidated if the coin drops below the key support at $0.00001120. A move below that level will point to more downside, potentially to below $0.0000100.

The post Shiba Inu Price Analysis: Fate of 72 billion SHIB Depends on This Key Level appeared first on CoinGape.

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