In a fresh analysis, SwallowAcademy outlines a Shiba Inu trading setup, citing a strong foundation and the potential for a significant price move.
Shiba Inu (SHIB) price action this week has continued to underwhelm investors, posting a 5% dip over the past week. Trading at $0.0000145 at press time, SHIB is up 1.1% today. However, market watchers are closely monitoring technical patterns for major price movement from current levels.
According to technical observations from analyst SwallowAcademy, SHIB is attempting to stabilize above a well-established demand zone. This area, situated between $0.0000139 and $0.0000144, has held firm across several sessions. Price currently consolidates at the upper edge of this zone, signaling potential defense by buyers.
This same demand zone has previously triggered notable upward movements. On May 17, SHIB rebounded from around $0.0000139, rising to $0.0000153 by May 18. It retested this level on May 19 at $0.0000138 before surging to $0.0000160 by May 23.
Following a pullback, the asset revisited the demand zone at $0.0000139 on May 25. Since then, the price has remained within a tight range, repeatedly testing resistance at the zone’s upper boundary.
EMAs and RSI in Favorable Position
SwallowAcademy also referenced several technical indicators in their analysis. The 50-period EMA is approximately $0.000014266, while the 200-period EMA sits near $0.000014561. SHIB currently trades slightly below the 50 EMA but remains close to the 200 EMA. A breakout above these levels could signal bullish reversal potential.
Additionally, the Relative Strength Index (RSI) hovers near 46.92, just under the neutral 50 mark. This positioning suggests that SHIB is neither overbought nor oversold, a condition often observed during accumulation.
Target For Shiba Inu Price
According to the analyst, the strength of the current support area could lead to a potential bounce. He added that such a move might offer a 10–20% price increase from current levels.
Notably, SwallowAcademy’s target remains at $0.0000159, a level last seen on May 23. From the current price near $0.00001441, reaching this target would represent a move of approximately 10.34%.
On-Chain Data Shows Rise in Long-Term SHIB Holders
Data from IntoTheBlock supports the technical outlook. It highlights key trends in address activity. The number of long-term SHIB holders (those holding for 1 year or more) has increased by 0.84%, indicating a gradual shift toward longer holding periods.
Meanwhile, addresses categorized as cruisers (holding for 1 to 12 months) declined by 3.73%, while short-term traders (holding for less than 1 month) dropped by 3.12%. This shift away from short-term speculation may signal a phase of accumulation and reduced sell-side pressure, especially amid recent market fluctuations.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
