Shiba Inu Gains Bullish Momentum, Trading Under Resistance Zone
The memecoin Shiba Inu (SHIB) has been trading with a bullish outlook, although its price remains under the resistance zone of June. Liquidation levels overhead could induce a short squeeze, possibly leading to a bearish reversal in the second half of October. Despite the upward trend at press time, SHIB’s trading volume dropped by 4.4% and whale activity decreased – indicating reduced demand from SHIB whales.
Reduced Volatility Signals Consolidation Ahead of Potential Uptrend
The 1-week volatility metric for Shiba Inu experienced a sharp increase in late September but has since calmed down. The reduced volatility suggests consolidation similar to what was observed in the first half of September before the strong rally. Meanwhile, the Mean Dollar Invested Age revealed that investments have been stagnating and old coins remain in their wallets.
Short Squeeze Potential Above $0.02 Resistance Level
A short squeeze could occur if speculators continue betting that 1000SHIB will face another rejection at $0.02. However, spot demand is needed to sustain this breakout for Shiba Inu’s upward momentum to continue.
