Shiba Inu price has seen a significant recovery, up by 33% from its lowest point this month. This trend follows that of Bitcoin and most altcoins, with CoinGlass data highlighting the key price level of $0.00001382, which has the potential to impact 72 billion tokens currently worth about $1 million. The recent rally in Shiba Inu price may continue if Bitcoin continues to rise, crossing the important resistance level at $90,000 for the first time in a month.
The SHIB exchange liquidation map shows that there are high leverage positions with substantial debt. The chart indicates that long positions peak at around $0.0000132, while short positions peak at the present price. If the price drops below the key support level at $0.00001382, approximately 192k long positions will start being liquidated. Conversely, if the price rises above this level, short positions worth about 842.1k will be liquidated, often leading to higher prices.
Technical analysis suggests that Shiba Inu price has formed a W pattern or double-bottom, indicating the potential for more upside. A move above the neckline of this pattern at $0.00001560 could trigger further gains, with the next resistance levels at $0.00001945. The bullish outlook will be confirmed if the price rises above $0.00001560, leading to a potential 40% jump from the current level. However, if the price drops below the key support at $0.00001120, it could signal more downside.
In summary, Shiba Inu price has shown a strong recovery, following the broader trend in the cryptocurrency market. The key price level to watch is $0.00001382, as a drop below this level could trigger liquidations, while a move above it may lead to further short liquidations. Technical analysis points to a potential bullish outlook for SHIB, with the formation of a double-bottom pattern indicating the possibility of more upside. Traders should closely monitor key support and resistance levels for potential trading opportunities in the coming days.
