Unlocking the Potential of Shiba Inu Price
Shiba Inu (SHIB) price seems poised to break out of a bullish pattern, aiming for a multi-month high level. Investors are showing positive signs, indicating potential growth in the value of SHIB. However, there is one obstacle left to overcome before the price surge can fully manifest.
Investor Confidence Supports SHIB Price
– SHIB price typically decreases during selling phases but rises when investors hold onto their assets.
– Data on active addresses compared to profitability levels reveals that less than 18% of investors are actively trading SHIB.
– This low activity suggests that SHIB holders are currently focused on holding onto their assets to potentially gain unrealized profits.
This conviction among investors to reap potential gains is further shown by a shift in supply from short-term to mid-term traders. The movement of SHIB from short-term traders to mid-term holders indicates a growing interest in long-term holding strategies, spanning from one month to a year. Recent data shows that approximately 4% of the total circulating supply of SHIB has shifted to mid-term holders in the past ten days.
Implications for SHIB Price Prediction
– SHIB price is attempting to break a symmetrical triangle pattern, signaling a possible period of consolidation before a breakout.
– Candlestick patterns near the breakout point suggest potential for a rally, with a target of $0.00004148 (a 45% increase).
– Realistically, SHIB price may face resistance around $0.00003599.
If SHIB fails to break through the resistance levels or falls below key support levels, it could invalidate the bullish thesis and potentially drop to $0.00002268.
Hot Take: Shiba Inu’s Bullish Momentum
Shiba Inu (SHIB) price is on the cusp of a major breakthrough, fueled by investor confidence and a potential breakout from a bullish pattern. With investor sentiment leaning towards holding rather than selling, the stage is set for SHIB to reach new highs in the coming period.
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