Shiba-Inu Outperforms Large-Cap Cryptos! Where SHIB Price is Heading Next?

Shiba Inu has even exceeded Uniswap v3 SwapRouter, USDC, and WETH tokens, according to the most recent data provided by Dune Analytics. In fact, it was a few spots below OpenSea, Uniswap V2 Router, and other well-known NFT marketplaces. SHIB has outperformed several large-cap cryptocurrencies, including Dogecoin, thanks to its incredible surge (DOGE).

According to Etherscan data, the Shiba Inu wallet that reportedly transformed $8,000 into $5.7 billion is now functioning again. The whale has resumed transferring funds for the first time since April, raising fears of massive selling pressure.

The Shiba Inu billionaire has transferred around 10 trillion SHIB coins worth $2.7 billion to four empty addresses so far. About 13% of the token’s total circulating supply is controlled by the wallet in question. According to this Etherscan transaction, the whale’s wallet has four recent outgoing SHIBA INU Token transactions.

Also Read : Shiba Inu Community Grows Strong ! SHIB doesn’t Need Robinhood Anymore?

SHIB Price Analysis

It’s been a negative start to the day following Tuesday’s decline. At the time of writing SHIB price is trading at $0.00006624 with more than 6% loss. To avoid further daily loss, Shiba Inu’s price must hold a return above $0.000070 levels.  For the next 24 hours, the token is predicted to be in the range of $ 0.00005789 and $ 0.00007006.

To reach the first significant resistance level at $0.0000726, SHIB Price would have to move back through the pivot at $0.0000696. Further, in an extended rally, the DOGE-KILLER needs market support to rally above $0.000070 levels. 

The first significant resistance level and Tuesday’s high $0.0000730 would likely cap the upside unless another extended crypto rally occurs. Before any pullback, the meme token might hit resistance at $0.000080 levels in the event of another breakout. $0.0000760 is the second big resistance level. 

If the $0.0000696 pivot is not retested, the initial major support level at $0.0000662 will be tested. SHIB Price should avoid sub-$0.000060 levels unless there is a prolonged sell-off. At $0.0000632, the second major support level, the downside should be limited.

Source: https://coinpedia.org/price-analysis/shiba-inu-outperforms-large-cap-cryptos/