Shiba Inu’s Price Seeking Support for a Breakout
Shiba Inu’s price is currently looking for support from the broader market and its investors to break free from the ongoing downtrend. The potential breakout could happen in the coming days as SHIB holders have shifted from selling to holding onto their assets.
Shiba Inu Investors Showing Confidence
Historically, Shiba Inu’s price has not always reflected the actions of its investors in bullish scenarios due to its status as a whale token. However, there is a growing confidence among retail and whale investors in the meme coin which is a positive sign for its future performance.
- Increasing confidence is visible in reduced active deposits, indicating less selling pressure
- Active deposits for SHIB are currently at a multi-week low, suggesting investors are reluctant to sell
Short-Term Investors Turning Bullish
The positive sentiment is reinforced by short-term investors who are acting bullishly. Their supply holding has decreased significantly, indicating a more positive outlook for the asset.
- Short-term investors have reduced their supply by over $22.3 million in the last three weeks
- Transition from short-term to mid-term holders is a positive sign for SHIB
SHIB Price Prediction Hinting at a Breakout
Shiba Inu’s current price of $0.00002387 is above the critical support level of $0.00002093, indicating a potential breakout. The meme coin is on track to initiate a rally with the help of investors if it successfully flips resistance levels.
- Flipping resistance at $0.00002584 into support could lead to a bull run towards $0.00002835
- Failure to breach key support levels could lead to a drawdown to $0.00001473
Hot Take: SHIB’s Future Looks Promising
Overall, Shiba Inu’s price is showing signs of potential growth and positive investor sentiment. As holders continue to hold onto their assets and short-term investors adopt a bullish stance, the meme coin could be gearing up for a breakout in the near future.
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