The slight uptick seen in the SHIB/USDT pair appears to have bolstered the Shiba Inu Coin price predictions, but the upside move seen in the last three days seems to be drying out. What’s going on? Shiba Inu has gained 2.96%, but these are leftover gains after the price stalled at the resistance seen in the last ten days of trading at 0.00001190.
Capping the gains on the day is the breaking news around Ryoshi, the anonymous creator of the token. A look at the Twitter handle of this character reveals that all tweets and Medium posts have been deleted. This, in essence, clears the entire social media activity on that platform. This action has left room for speculation, which is why there has been a pullback from the intraday highs.
However, it is unknown if the intraday pullback from the highs seen this Monday is due to the deletion of activity on the Ryoshi account or something more general in orientation. A look at several crypto coins suggests that this is a broader occurrence.
Shiba Inu’s whale trading volume spiked 341%, and the token now has 33,000 new holders in May. The uptick in buying volume comes as the price of the token drops to 8-month lows. However, this is yet to translate into convincing Shiba Inu Coin price predictions.
The bounce off the 0.00001160 support has preserved that price mark as a pivot. However, additional momentum is required to send the SHIB/USDT pair towards the 0.00001810 resistance (17 May 2021 high and 22 January 2022 low). This price mark needs to give way for a further advance towards 0.00002347 (24 January and 29 April 2022 highs). Additional targets to the north are seen at the 0.00002715 (2 March 2022 high) and 0.00003092 (13 October 2021 high) price barriers.
On the flip side, a decline below the 0.00001013 support level (previous highs of 1/14 June 2021 and lows of 12/26 May 2022) opens the door for a test of the 12/21 June 2021 double bottom at 0.00000565. Below this area, the SHIB/USDT pair dives into record low territory.
This post was last modified on May 30, 2022, 15:56 BST 15:56