Shiba Inu Price Tumbles, Bulls Prepare for a Comeback of 4.2T

Shiba Inu, the popular meme coin, ended June 2024 on a sour note. The coin closed trading at $0.000017, marking a 36.6% loss for the month. However, on-chain data reveals a silver lining as bullish traders gear up for a strong start to July. The key question remains: Will the $0.000020 resistance level cave in the week ahead?

After a rough end to the month, Shiba Inu and other high-cap meme coins faced negative growth. The price fell from $0.000026 on June 1 to $0.000017 by June 30. Despite the drop, the final days of June showed a flicker of hope. The price surged by 7% from the recent lows of June 24, hinting at strategic moves by the bulls.

This price action suggests that after a month of nearly 35% losses, SHIB bulls are positioning themselves for a rebound. On-chain data supports this bullish sentiment, indicating a potential for larger gains in early July.

Shiba Inu closed June with a modest 7% upswing, reclaiming the $0.000017 level. According to IntoTheBlock’s Exchange Order Books data, buy orders have significantly outnumbered sell orders. Bull traders have placed active buy orders for 4.2 trillion SHIB at current prices, while sell orders amount to less than 3.6 trillion SHIB. This 600 billion SHIB excess demand, worth approximately $10.2 million, could be a precursor to a price rally.

Shiba Inu Price: Bulls Aim for $0.000020

Despite a prolonged downtrend, Shiba Inu showed signs of recovery, closing the day at $0.000017494 with a 1.54% gain. The immediate support level is $0.000016462, which has been tested multiple times. If SHIB holds above this support, it could gain momentum.

On the resistance side, SHIB faces hurdles at $0.000018000 and $0.000020000. Overcoming these levels is crucial for sustained upward movement. A break above $0.000020000 could lead to a retest of higher resistance levels around $0.000022000.

In conclusion, Shiba Inu’s price action is at a critical juncture. Holding above key support levels and overcoming resistance will be vital for a bullish breakout. Investors should watch these levels closely for potential trading opportunities.