The first week of August ends with Bitcoin's struggle for $23,000. In the last month, almost the entire altcoin market has managed to recover in double digits.

Cryptocurrency data provider CryptoDiffer has shown that since last week, the most searches for BNB Coins (BNB) on Binance. In second place was Bitcoin (BTC), the largest cryptocurrency by market cap. Ethereum, Solana and Shiba Inu round out the top 5 names on the list.

differ

The ranking of the most searched altcoins on Binance since last week is as follows.

  • BNB Coin (BNB)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Left (LEFT)
  • Shiba Inu (SHIB)
  • Polygon (MATIC)
  • Cardano (ADA)
  • LeverFi (LEVER)
  • Polkadot (DOT)
  • Alchemy Pay (ACH)
  • Avalanche (AVAX)
  • Dogecoin (DOGE)
  • Phantom (FTM)
  • Smooth Love Potion (SLP)
  • BarnBridge (BOND)

(Data provided by CryptoDiffer, Twitter account with 300,000 followers.)

Shiba Inu price continues to consolidate

Shiba Inu price (SHIB) has been consolidating around the control volume point (POC) at $0.0000118 for about three months. This critical level is the highest traded since April 12, 2022 and will therefore act as a support or resistance level depending on where the price is trading. The Shiba Inu price is up nearly 68 percent in three days after bottoming out at $0.0000071 on June 18. The upward move left a huge inefficiency or gap, known as the fair value gap (FVG), stretching from $0.0000083 to $0.0000092.

Shiba Inu-3

According to the analyst; These gaps are usually filled when the grand rally returns to the average. For the popular meme coin SHIB, this has yet to happen and therefore presents a bullish opportunity for investors. Traders can wait for the Shiba Inu price to fill the FVG and open a swing long position there. Targets for this trade could be the POC of $0.0000118, followed by $0.0000199 and $0.0000211. Altogether, this move will constitute an uptick of about 150 percent.

While searching for Shiba Inu price, an early rally on the POC will show that this move is temporary and the momentum could reverse. However, if SHIB produces a daily candlestick below $0.0000074, it will create a lower bottom and present more collapse risk.