Shiba Inu (SHIB) price is again hovering above the $0.000118 support level. Meanwhile, Dogecoin price is showing a persistent increase in daily active wallets. Will investors sell? Experts answer.
SHIB price and stages
The Shiba Inu is currently retesting the $0.00118 support base. The last notable explosive phase was observed in October 2021, when it rose 1.136 percent in less than a month. This massive explosive move was recorded after four months of consolidation. Recovery of gains followed over the next seven to eight months. To summarize, there are three phases that SHIB goes through, regardless of the time frame.
- Consolidation phase
- explosive phase
- free fall phase
As can be seen from the chart above, where the three different phases are colour-coded, the altcoin is currently in its third, pink, ‘free fall’ phase.
What’s next for SHIB right now?
FXStreet analyst Akash Girimath expects the downtrend to continue. According to the analyst, SHIB will drop to $0.0000087 to retest the price. However, the best place for SHIB to find a stable footing for a potential reversal is $0.0000081. This level marks the highest trading volume for SHIB since May 10, 2021. Therefore, it is likely to provide significant support and resistance.
Therefore, investors can probably wait for a resurgence of buying pressure to step in at this level. However, market conditions need to be in favor of the bulls for a full recovery rally to occur. So, the price of Bitcoin should also rise.
Combining all the observations from above, investors can expect another drop. Then we can have a tight and boring consolidation period. Yet SHIB’s next target will be an explosive rally to $0.0000179. This move will create a 120% rise from $0.0000081.
On the other hand, Shiba Inu price might even trigger an early rise before it corrects and retests at $0.0000081. However, if the SHIB drops below this level and fails to recover, it indicates that the sellers are in control. This would invalidate the ascension thesis outlined above. In such a case, the Shiba Inu price will gain momentum to $0.0000070. He will then try to find support and rest from vendors here.
Is Dogecoin price planning a sale?
Dogecoin price is currently sad to lose $0.06. Investors who witness casual price action may be overwhelmed as they find DOGE’s next move. A few of Santiment’s on-chain analytics tools offer insight into what’s going on at Doge. First, the 365 Days Circulating supply has returned to ATH levels, currently 93 billion coins. Since its inception, Dogecoin has witnessed significant short-term liquidations every time the indicator hits over 90 billion.
In addition, there is a persistent increase in active addresses. The indicator also confirms the idea that smart money may be planning a big move. Combining these factors, Dogecoin price could endure a painful September. Being an early buyer carries a high risk. The bearish setup targeting last month’s June 18 low is still valid and the invalidation level remains at $0.012. Tony Montpeirous, whose analysis we share as Kriptokoin.com, says that the decline thesis will be invalid at $0.118.
16126
