As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must say that the recent Shiba Inu price rebound towards $0.00003 has caught my attention. Having navigated through numerous market cycles and trends, I can confidently state that this development could indeed set Shiba Inu on a path to higher prices.
The cost of Shiba Inu coins has bounced back up to around 0.00003 USD, causing many Shiba Inu investors to see their investments increase again. This recovery is notable because it could potentially lead Shiba Inu’s price upward in the future.
Most SHIB Holders In The Green As Shiba Inu Price Rebounds
According to IntoTheBlock data, the majority of Shiba Inu (SHIB) investors find themselves in profit as the SHIB price approaches $0.00003. Approximately 69% of these investors have already made more than their initial investment, while 24% are still underwater and 6% break even. This might be a positive sign for the future price movement of SHIB, since investors are less likely to sell when they’re in profit.
Buying activity at the current level could alleviate selling pressure for SHIB and potentially maintain the upward trend of Shiba Inu’s price recovery. The meme coin has climbed back towards 0.00003 USD. The ‘In the Money’ indicator suggests that Shiba Inu must surpass a key resistance level around 0.000033 USD for further growth, as approximately 130,620 wallets have recently purchased 15.06 trillion SHIB tokens at or near this price point.
Despite the fact that on-chain statistics for Shiba Inu seem to portray a gloomy outlook, which is indeed worrying, data from IntoTheBlock suggests that the ‘Concentration’ metric is in the negative. This implies that large SHIB holders, often referred to as whales, are currently displaying a bearish attitude towards the meme coin and appear to be avoiding adding more coins to their holdings.
Currently, the sizeable transaction indicator suggests a bearish trend because significant Shiba Inu investors are choosing not to add more coins to their holdings. Moreover, the overall network growth gives a similar bearish outlook for the price of Shiba Inu, as there is minimal new interest from addresses buying the meme currency at this time.
The constant fluctuation in the Shiba Inu burn rate continues to paint a gloomy picture for its market value. Recent data from Shibburn indicates a significant drop of approximately 79% in the burn rate over the past day, with only around three million coins being incinerated during this timeframe.
From A Technical Analysis Perspective
Crypto expert Javon Marks offers an optimistic viewpoint on Shiba Inu based on technical analysis. In a recent post, he noted that Shiba Inu has recently formed another bullish pattern, which could prolong its upward trajectory. He further stated that a significant surge might be imminent for SHIB, with the meme token potentially reaching $0.00081 or even greater heights.
The crypto expert also pointed out that if the price of Shiba Inu reaches $0.000081, it could potentially increase by 180%, and this upward trend might have already begun. Reaching $0.000081 could help Shiba Inu surpass its previous record high ($0.000088).
Currently, as I speak, the price of Shiba Inu coin hovers approximately at $0.000029, showing an increase of more than 8% during the past 24 hours, based on statistics from CoinMarketCap.
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2024-12-13 02:46