“Shiba Inu (SHIB) Holds Strong Support at $0.000008 Despite Choppy Market Sentiment“
Despite the uncertain sentiment in the crypto market this week, Shiba Inu’s price continues to hold strong at the $0.000008 support level. The recent partnership deal with Manny Pacquiao’s charity foundation has raised questions about how investors will react to this news. Will it encourage bullish SHIB investors to increase their positions despite neutral price action?
“Strong Market Demand for Shiba Inu Despite Sideways Price Action“
Bullish traders have been dominating the Shiba Inu market, leading to a 4-month peak of $0.00001 on November 11. Although there has been a 15% retracement from this high, market demand for SHIB remains high. The number of SHIB buyers still exceeds sellers, indicating a strong market demand.
The fact that receiving addresses have consistently exceeded sending addresses for 40 consecutive days suggests that most SHIB investors are looking to hold out for future gains rather than exit.
“Long-Term Investors Continue to Hold Despite Peak Prices“
Despite reaching higher prices than in previous months, long-term SHIB investors are still holding onto their tokens. On-chain data shows that the average age of SHIB tokens being traded has been declining, indicating that long-term investors are selling less frequently.
The successful re-launch of the Shibarium Layer-2 Network and the recent partnership announcement with Manny Pacquiao’s charity foundation are contributing to growing investor confidence in Shiba Inu’s short-term and long-term viability.
“SHIB Price Prediction: Upward Trajectory Toward $0.00002?“
With strong buying momentum and resilience from long-term investors, SHIB’s price could be on an upward trajectory. The Parabolic SAR indicator also supports a bullish prediction for SHIB’s price.
If the bulls take control as predicted, SHIB could face initial resistance at $0.00001 and potentially reach $0.00002. However, a downswing below $0.000007 could invalidate this prediction.
“Hot Take: Shiba Inu Continues to Hold Strong Amidst Market Uncertainty“
Despite choppy market sentiment, Shiba Inu’s price remains stable at the $0.000008 support level, indicating strong market demand and investor confidence in the project’s future potential. With recent partnerships and growing investor confidence, SHIB is poised for potential growth in the coming weeks.
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