• SHIB has posted large gains over the past few days.
• Meme coins pumping while BTC struggles at resistance could be a warning.

Shiba Inu [SHIB] posted spectacular gains over the past week, gaining close to 120% from the previous Saturday’s low. The technical indicators showed demand remained strong, but the market conditions were overheated.

AMBCrypto reported that a SHIB whale wallet sold over 400 billion tokens, incurring a $6.32 million loss in the process after holding on for two years. Could this be a sign of exhaustion amongst the bulls?

SHIB reaches the 200% extension level

In the blink of an eye, Shiba Inu raced from $0.0000119 to $0.0000212. In November and December 2023, SHIB rallied from $0.00000761 to $0.000001195. This move was used to plot a set of Fibonacci retracement levels.

The past two months saw the 78.6% level at $0.00000854 retested on three occasions as support, and the buyers defended that level thrice. The past week saw prices rally from just below the 50% retracement level to the 200% extension level, which coincided with a horizontal resistance level at $0.0000212.

Further north, the $0.00002818 is the next target, but bulls could seek to take profits. A triple-digit rally within a week is more than enough for any trader- but then again, this is a bull market, and things could get crazier.

The Open Interest breaches August 2023 highs

Go to Source to See Full Article
Author: Akashnath S

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