Shiba Inu Bullish On Bitcoin Rally Despite Losing 60,000 Addresses
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CoinMarketCap recently revealed that the number of on-chain wallets holding SHIB tokens has plummeted by over 60,000 in the last two weeks. The report showed that as of March 28, there were 1,135,593 SHIB wallets, a notable drop from the 1,199,453 recorded on March 16.
Before this decline, the network recorded a steady increase in the number of wallets holding the meme coin. However, this trend ended on March 17, when the network lost 32,832 wallets in a single day.
Despite this bearish data, Shiba Inu has maintained an upward trajectory over the past few days after recording a 21% jump this week amid the Bitcoin rally to $48K. Meanwhile, rival meme coin Dogecoin jumped by over 23% this week, while Ethereum trades up by over 10%. SHIB’s current bullish outlook comes as a result of the Bitcoin rebound.
The crypto market looks remarkably bullish after a long while battling to gain traction, with the Crypto Fear and Greed Index touching its highest point since last November.
Key Shiba Inu Levels to Watch — March 30
SHIB has fallen into inertia after witnessing a sharp rejection from the $0.0000290 resistance since Monday. The meme coin recorded a 12% dip to the $0.0000260 low on Monday, as it slipped below the critical $0.0000275 support line, where it currently struggles to retake.
That said, we could see an extension of the prevailing sideways pattern for a while longer, and a possible drop to the $0.0000265 level as the price eases out of overheated conditions. A return to oversold territories on my 4-hour Stochastic indicator should help Shiba Inu attract massive dip-buying and retest the $0.0000290 – $0.0000300 zone in the near term.
Meanwhile, my resistance levels are $0.0000275, $0.0000290, and $0.0000300, and my support levels are $0.0000260, $0.0000250, and $0.0000240.
Total Market Capitalization: $2.14 trillion
Shiba Inu Market Capitalization: $14.9 billion
Shiba Inu Dominance: 0.69%
Market Rank: #15
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