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Shiba Inu (SHIB) recovered more than $0.00001 after a sharp drop and a prolonged accumulation period. The recent memecoin trend has demonstrated a new activity in the market, with buyers intervening to buy the dips, and there are also positive trends in the chain.SHIB buyers sprang into action when it hit a new low of $0.00000850, but within a few days, the trend showed signs of improvement.
CoinMarketCap data indicate that substantial withdrawals from trading platforms occurred at the end of September and mid-October. Between September 22 and September 26, over 600 billion SHIB were withdrawn from exchanges, and approximately 1 trillion SHIB were withdrawn in the October 11 market crash. These are large outflows, implying that the accumulation by long-term holders dilutes the available supply and imposes short-term selling pressure.
Over 5.7 million SHIB tokens were taken out of circulation in a single day, while weekly burns reached 46.6 million. Although token burns do not directly affect prices, they can cause prices to rise by reducing the circulating supply.
Price support is holding around the $0.0000090 to $ 0.0000100 range, and demand remains consistent, thus avoiding additional losses. The momentum indicators also reflect some recovery. The Relative Strength Index (RSI) has already exited the oversold area, and the Moving Average Convergence Divergence (MACD) is starting to flatten, indicating that momentum is stabilizing.
The resistance is a significant challenge. The Simple Moving Average (SMA) is now over the market prices, with the short-term resistance approximately at $0.00001137. A continuation breakout beyond this might confirm the wedge and open previous targets, ranging from $0.000022 to $0.000032.
The support to monitor is around $0.0000105. A level above this may provide an opportunity to climb upwards, whereas a failure may result in a revisit to the 0.0000090 zone.
If the meme coin breaks the obstacle at $0.00001137, analysts expect to see a higher price zone of up to $0.00004566, with a further target of $0.0000691. The volume of trading, market sentiment, and the overall market of the cryptocurrency determine these levels.
Also Read: Shiba Inu News; Ethereum Price Prediction & Which Is The Best Cryptocurrency To Buy Today
