Shiba Inu has grown in price nearly $0.00001500, up about 8% this week and over 30% this month, but is still below the January 0.000024 peak.
Price continues to tweak, but one band continues to send it back. It helps the holders know if they are really cashing out and if momentum is actually being built to determine if this movement can be extended.
SOPR is flat because weak holders come out when destructive or low
The used output profit margin (SOPR) is important here, as profit acquisition is usually a stalling rally. SOPR is a coin sold on-chain with profit (>1) or loss (
It is currently about 1.0 a few weeks below that line. Back on April 30th, the SOPR fell to about 0.72 when the price approached $0.00001327. The price then rose by about 28% to about $0.00001700, but the SOPR returned to 1.0.
On June 16th, the SOPR sank even lower, bringing the price to nearly $0.001,188. The price later rose by about 30% to around $0.00001546, with SOPR again moving to 1.0. Shib’s SOPR was soaked again in 0.83 two days ago. The corresponding pricing advantage is still pending.
The data shows that the coins spent are either broken or have losses rather than big profits. Despite the rising prices, it means that the weaker hands are quietly leaving and thinning the above supply.
Historically, the actual pullback began when the SOPR clearly pushed 1.0 and the price stalled. That hasn’t happened yet.
RSI shows that buyers are gaining power beneath the surface
Moving requires momentum, so the relative strength index (RSI) is next checked.
RSI measures the intensity of recent price movements on a scale of 0-100. Since mid-June, daily RSI has been a little higher, but prices have been lower. That bullish divergence says momentum is improving faster than price.
The divergence of the RSI is barely there, but it suggests an increase in momentum and is positive for the price action of the wave 1RO.
This means that buyers are getting stronger despite the price not being resolved. As RSI continues to rise and prices continue, breakout opportunities increase. If the RSI falls while the price is stalling, movement can pause.
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Shiba inu price level 45% target to open
You need a level to see what the indicator suggests. The main ceiling is $0.00001587, which has been denying Shiba Inu (Shib) prices for a while.
Over $0.00001587 daily could push the SHIB price up to $0.00001746 (about 16% higher) and then push it to $0.000022 (about 45% higher). However, the price of the SHIB should be above 33% from its current level before it first exceeds the psychological resistance of $0.000020 and is higher.
Note: When Shiba Inu prices exceed $0.00001746, there is not much technical resistance level
On the downside, $0.00001463 is the first level, followed by a 0.5 Fibonacci level of $0.5001375. If the SOPR is above 1.0, but the price falls at these levels, the bull view will be faster and weaker. It shows that ultimately profit sellers are intervening.
The Fibonacci extension level is used to mark the general pullback and target zones that traders act on.
Disclaimer
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