Shiba Inu Continues to Stagnate Amidst Bullish Market
Despite the recent surge in meme coins across the crypto market, Shiba Inu’s (SHIB) price has failed to show any significant rally. This lack of bullish momentum is expected to persist as SHIB holders are focused on locking in profits.
Shiba Inu Faces Resistance
- SHIB’s price is struggling to break out of consolidation, with a significant barrier of 60.14 trillion SHIB worth over $1.54 billion hindering its upward movement.
- This supply was acquired at prices ranging from $0.00002500 to $0.00003000, making it crucial for SHIB to see a 19% increase to surpass this obstacle.
- To achieve this growth, Shiba Inu requires strong investor support and positive market trends, both of which are currently lacking.
Investors are exhibiting uncertainty, as evidenced by their behavior of selling off their holdings to secure profits. Approximately 20% of all active addresses on the SHIB network are currently in a profitable position, indicating a strong inclination towards cashing out rather than holding.
SHIB Price Outlook: Sideways Movement Predicted
- Shiba Inu’s price has remained range-bound between $0.00002584 and $0.00002267 over the past month, failing to decisively break out in either direction.
- In the near future, SHIB is likely to test the $0.00002267 support level before rebounding to continue trading within this range.
Any significant deviation from this consolidation pattern, either in the form of a breakout or breakdown, could lead to a shift in SHIB’s price trajectory. A breakout could propel SHIB to $0.00002835, while a breakdown might see it drop to $0.00002093.
Takeaways from the Current SHIB Analysis
- SHIB’s lack of bullish movement can be attributed to the high selling pressure from investors looking to secure profits.
- A significant supply barrier is impeding SHIB’s price growth, requiring a substantial increase in both investor sentiment and overall market conditions.
- The ongoing consolidation pattern suggests that SHIB is likely to remain range-bound in the near term, with potential support at $0.00002267 and resistance at $0.00002584.
Hot Take: Position Yourself Wisely in the SHIB Market
As a shrewd investor in the crypto market, it’s essential to analyze the current trends and sentiments surrounding Shiba Inu to make informed decisions about your investment strategy. With SHIB facing resistance and lacking significant bullish momentum, careful consideration is required to navigate the volatile market conditions.
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