On June 11th, the cryptocurrency market experienced a sudden downturn, likely influenced by investor apprehension surrounding the forthcoming U.S. CPI data. Bitcoin, the foremost digital asset, plummeted by 3.62% to reach $66,875, while Ethereum dropped by 5% to $3,480.
This renewed selling pressure suggests a potential extended correction for many major altcoins, particularly impacting the meme coin sector, where sellers exerted significant dominance, leading to notable corrections in their respective assets.
SHIB, positioned as the second-largest cryptocurrency by market capitalization, has maintained a sideways trading pattern for the past two months. Despite the market's recovery in May, the price of Shiba Inu managed to stabilize above the $0.0000206 level, establishing a local bottom.
This level of support, coinciding with the 61.8% Fibonacci retracement level, forms a significant area of interest (AOI), effectively halting further downward corrections.
Source: TradingView
However, with Bitcoin struggling to maintain its position above $70,000, the SHIB price's recovery momentum has been constrained below $0.000029, resulting in a narrow trading range on the daily chart.
How to Buy:
Significant SHIB Movements Highlight Potential Market Shifts
In a recent tweet, analyst OnchainDataNerd drew attention to significant movements in SHIB tokens. According to the tweet, ten wallets collectively deposited 4.29 trillion SHIB, valued at approximately $97.33 million, into Coinbase.
Source: OnchainDataNerd on X
These wallets exhibit consistent patterns, having accumulated SHIB during two distinct periods; September 2021 and March 2024. The average entry price for these holdings is $0.00001309, suggesting a potential profit of $41.22 million if sold at the current price.
These transactions have added to the supply pressure on SHIB, indicating a higher likelihood of revisiting the $0.0000206 level. Should the bottom support hold, buyers may regain bullish momentum, potentially leading to another reversal and continuation sideways.
To reestablish control over the asset, buyers must break out above the overhead resistance at $0.0000296. A successful breakout could renew recovery sentiment and set a target for the SHIB price prediction, potentially rising by 53% and challenging $0.000045.
Read more:
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See more: Cryptocurrency Prices and Market Cap
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