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The price of the Shiba Inu rebounded towards $0.00003, which put most… SHIB owners Back in green. This is important, considering how the Shiba Inu could be put on a path to higher prices.
Most SHIB holders are in the green as Shiba Inu price rebounds
Data inside TheBlock It shows that most SHIB holders are in the green zone as Shiba Inu price bounces towards $0.00003. 69% of them SHIB owners They are now in the money, while 24% are out of the money, and 6% are currently in the money. This could be bullish for the Shiba Inu’s price, considering that stockholders are less likely to sell when they have money.
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This can reduce the selling pressure on SHIB and preserve the Shiba Inu Price recovery. The memecoin recovered towards $0.00003. The “In the Money” meter shows that the next important resistance level that the Shiba Inu needs to break is $0.000033. 130,620 wallet addresses bought 15.06 trillion SHIB tokens around this level.
However, on-chain metrics still paint a bearish picture for the Shiba Inu, which is undoubtedly worrying. IntoTheBlock data shows that the “Focus” meter is red, indicating this SHIB whales They currently have a bearish sentiment towards the meme coin and are choosing not to accumulate any more coins.
This large transaction metric is also bearish at the moment as Shiba Inu whales choose not to accumulate any more coins. The network’s net growth also paints a bearish picture for the Shiba Inu price, as there is currently a low influx of new addresses purchasing the meme coin.
Shiba Inu Burn rate It also remained inconsistent, representing a bearish outlook for the Shiba Inu price. Shipburn data It appears that the burning rate has decreased by more than 79% over the past 24 hours, with three million coins being burned during this period.
From a technical analysis perspective
Cryptographic analyzer Javon Marks I provided a bullish forecast for the Shiba Inu from a technical analysis perspective. He mentioned in X’s post that the Shiba Inu recently confirmed another bullish pattern, which could lead to a continuation of its upward trend. The analyst added that another significant upward move could occur for SHIB, with the memecoin potentially rising to $0.00081 or higher.
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The cryptocurrency analyst also mentioned that with this target at $0.000081, the price of the Shiba Inu could see a 180% rally and that this rally may already be underway. A rise to $0.000081 could pave the way for the Shiba Inu to move beyond its current Highest level ever (ATH) of $0.000088.
At the time of writing, the price of the Shiba Inu is trading at around $0.000029 USD, up more than 8% in the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com