SHIB Price Prediction: Is A SHIB Reversal On The Cards?

Key Insights:

• SHIB seemed primed for a large move higher as momentum developed quietly close to a critical support.
• Binance’s leveraged shorts were declining while longs were increasing but Bybit and OKX exchanges heavy spot selling, hinting that whales may be were locking in profits.
• SHIB tokens burnt was down about 97% in the last 24 hours and 53% in week as at the time of press.

Shiba Inu (SHIB) price prediction seemed to primed for a large move higher as momentum developed quietly close to critical support.

SHIB Price Prediction

On the weekly chart, SHIB held around $0.00001350, suggesting accumulation. This suggested patience at this level could be rewarded with a move higher.

The first key resistance zone to watch for SHIB was at $0.00002479, a zone where price had reversed sharply in the past.

If bulls could break through $0.00002479 on high volume, SHIB could continue to advance towards the next target at $0.00003332.

But if SHIB was unable to stay above the $0.00001350 support, a breakdown may set it up for further loss, with potential back-tests to the lower accumulation range of $0.00001000.

The structure showed a sequence of higher lows formed, which was a sign of strengthening demand.

If the price were to see a breakthrough at $0.00001500, it would indicate the shift of the short-term trend.

What could happen on the contrary, if the price was prevented to go up by the point it passed could prove that the sellers were still in the driving seat.

In the future, the price being at or above $0.00002479 could become a sign of a more significant trend reversal in the future.

On the flip side, if it fails to stay above $0.00001350, it could put a pause on the bullish outlook.

Buyers will be keeping an eye out for a solid weekly close above resistance to confirm that the momentum was still strong.

The Positioning of Leveraged SHIB Traders

Assessing SHIB price prediction on the liquidation heatmap saw cumulative short leverage falling constantly while cumulative longs rose, most significantly at $0.014 with leveraged longs of 2.69M.

Heavy spot selling on Bybit and OKX, on the other hand, suggested whales booking profits.

Binance spot sell pressure could cap upside momentum, even with the long positioning rise.

If 1000SHIB keeps climbing, those who are shorting in the $0.0130 to $0.0140 range could get squeezed, leading to a quick surge in price towards $0.0150.

However, if the selling pressure continues and the price dips below $0.013, the long positions that had built up at $0.0135 would be liquidated, resulting in a drop.

Thick liquidation zones around $0.0132–$0.0136 would be pivotal to either move.

So, the SHIB meme coin came to a critical point: continued buying could pierce resistance. And further spot selling could extend corrections.

Traders can monitor price action around these high-leverage areas to forecast the direction of the next move.

SHIB Token Burns

Furthermore, the latest Shibburn update showed SHIB at $0.00001367. Up 0.19% in 24 hours, with a market cap of $8.05 Billion.

The circulating supply was 589.251 trillion tokens. However, token burns were down in dramatic fashion.

Only 779,085 SHIB were burned in the past 24 hours, down 96.98%. While 73,008,354 SHIB were burned in the past week, down 53.43%.

Burns have been used to reduce supply and drive prices up. However, as of press time, the low levels of burning suggested. That we won’t see much of an immediate impact on SHIB’s price.

If burn activity continued to decline, we could end up with supply inflation outpacing the buying pressure.

On the flip side, if burn activity picks up again, SHIB might find itself in a tighter supply situation.

At the moment, it seemed like SHIB’s price stability was more affected by the overall market. Sentiment than by the scarcity created through burns.