Shiba Inu (SHIB) has once again captured market attention, reaching a pivotal on-chain support level. The next few days could be decisive as the digital asset battles key levels.
Shiba Inu (SHIB) has once again captured market attention, reaching a pivotal on-chain support level. The next few days could be decisive as the digital asset battles key levels.
According to IntoTheBlock data, a massive 23.21 trillion SHIB tokens are currently sitting at an average acquisition cost of $0.000012, held by over 60,000 wallet addresses.
As per CoinMarketCap data, SHIB is now trading at $0.00001218. Should SHIB decisively lose this support, it risks triggering a domino effect of panic selling, especially from holders already in slight profit or break-even territory.
However, holding this level, or bouncing off it, could catalyze a broader rebound, especially as technical indicators hint at an inflection point.
Shiba Inu Technical Analysis: Falling Wedge Formation
The daily SHIB/USD chart shows a well-defined falling wedge pattern, typically a bullish reversal setup. The wedge began forming in mid-May after SHIB’s high of $0.00001362 and has since narrowed as price volatility declined.
SHIB is now pressing against the wedge’s apex, indicating that a breakout may be imminent. Historically, falling wedges that form after downtrends tend to resolve with upward momentum.
A confirmed breakout above the upper trendline could send SHIB toward $0.000013500 initially, with further upside potential toward $0.00001500 if momentum holds.
Also, the RSI is currently at 40.38, hovering just above oversold territory, showing that bearish pressure has eased. While not yet bullish, this neutral zone suggests there’s room for upward movement should buying interest return.
SHIB Daily Chart. Source: TradingView
Meanwhile, the MACD line is attempting a crossover above the signal line from deeply negative territory. This could hint at a potential shift in momentum.
If SHIB breaks above the falling wedge resistance – currently around $0.0000123, a quick move toward $0.0000135 is likely.
As SHIB Eyes Potential Support, Solaxy Grabs Spotlight
With SHIB holding off the bears near crucial support level, Solaxy ($SOLX), a Layer 2 network, specifically designed to enhance the capabilities of Solana, has raised a massive $52.96 million in its soon-to-end presale.
While Solana is widely recognized for its high throughput and speed, it struggles with recurring issues such as network congestion, failed transactions, and scalability bottlenecks during high traffic.
Source: Solaxy
Solaxy emerges to address these challenges. By shifting much of the transactional activity off-chain, Solaxy enhances scalability and cost-efficiency without sacrificing the security and decentralization guarantees provided by Solana’s base layer.
$SOLX can be purchased at the price of $0.001766 per coin, with less than a week until token launch.
Notably, buyers can stake their tokens to earn rewards at around 79% per annum.
Simply visit the official Solaxy website and connect a supported wallet like Best Wallet to get involved in the project.
You can swap crypto or use a card to complete the purchase.
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