The Shiba Inu price concluded trading at $0.00017 on June 30, reflecting a 36.6% loss for the month. Nevertheless, on-chain data indicates that bullish traders are preparing for a robust start to July. Will the $0.000020 resistance be surpassed in the coming week?
**SHIB Price Stabilizes at $0.000017 as Bulls Take Charge**
Following a tough end to the month, Shiba Inu and other prominent meme-coin projects finished June 2024 with negative growth. On June 30, SHIB settled at $0.000017, marking a 34% loss for the month.
**Shiba Inu Price Action | SHIBUSD | TradingView**
The chart above illustrates the decline in Shiba Inu’s price from $0.000026 on June 1 to nearly $0.000017 by June 30. However, a broader view reveals that SHIB ended the month with strong demand, as indicated by two consecutive green candles.
During this period, SHIB’s price surged by 7% from the lows experienced during the crypto market crash on June 24. This suggests that despite nearly 35% losses last month, SHIB bulls are making strategic moves to regain market strength, while astute traders are looking to buy the dip.
**Bull Traders Place Orders for 4.2 Trillion SHIB**
Shiba Inu price ended June 2024 on a positive note with a 7% increase, returning to the $0.000017 level. On-chain data suggests SHIB bulls could be gearing up for significant gains in the first week of July.
IntoTheBlock’s Exchange Order Books data tracks the total buy/sell orders for specific crypto assets across exchanges. When buy orders exceed sell orders, it often indicates a potential price increase and vice versa.
As of July 1, the Aggregated Exchange Order Books data for Shiba Inu shows bull traders have placed active buy orders for 4.2 trillion SHIB around current prices. Conversely, sell orders amount to less than 3.6 trillion SHIB. With sellers likely exhausted, it is improbable that new sell orders will rise significantly on Monday.
At current prices, the excess demand of 600 billion SHIB is valued at approximately $10.2 million. Bulls might leverage this demand-supply disparity to push prices towards the $0.000020 level in the upcoming week.
**Shiba Inu Price Analysis: Bulls Aim to Reclaim $0.000020**
Shiba Inu (SHIB) has shown signs of recovery after a prolonged decline, ending the day at $0.000017494 with a modest gain of 1.54%. Analyzing the chart reveals key support and resistance levels that could influence SHIB’s price movement in the coming days.
The immediate support for SHIB is at $0.000016462, where the Parabolic SAR (Stop and Reverse) dots indicate potential buying pressure. This level has been tested several times, highlighting its strength as a support zone. If SHIB fails to hold this support, the next significant level is around $0.000016000. A breach below this could lead to further downside, testing previous lows.
**Shiba Inu Price Forecast | SHIBUSD | TradingView**
On the resistance side, SHIB faces its first major challenge at $0.000018000. This level aligns with the upper boundary of the current trading range and the Parabolic SAR dots moving above the price, signaling potential resistance.
Beyond this, the next critical resistance is around $0.000020000, a psychologically significant level for bulls to reclaim. Breaking above $0.000020000 could set the stage for testing higher resistance levels around $0.000022000 and beyond.
In conclusion, Shiba Inu’s price action is navigating key support and resistance levels. Maintaining above $0.000016462 is crucial for the bulls to gain momentum. Overcoming resistance at $0.000018000 and eventually $0.000020000 will be vital for sustained upward movement. Investors should monitor these levels closely for potential trading opportunities.
**Disclaimer:** This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s stance. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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