While all major cryptocurrencies in the crypto market reached high levels yesterday, Shiba Inu’s price did not indicate any rise. SHIB holders are eager to make a profit, so this upward trend will likely continue. Shiba Inu’s price will increase once it manages to escape consolidation, and the memecoin must first overcome this hurdle.
What’s Happening with Shiba Inu?
On the path to this breakout, there are approximately 60.14 trillion SHIB worth more than $1.54 billion. According to the Global In/Out of the Money (GIOM), this supply was purchased between $0.00002500 and $0.00003000. For Shiba Inu investors to witness these gains, the memecoin needs to show a 19% increase from its trading price. This will require significant support from both investors and broader market signals.
SHIB holders are not confident about the rise, which is evident from their behavior. Investors are quite willing to sell their assets to secure any possible gains. When examining active addresses based on profitability, we can say that about 20% of all investors transacting on the network are making a profit.
This participation is primarily aimed at making a profit, which is not a positive sign for Shiba Inu’s price. As a result, the memecoin may likely fail to rise and continue to consolidate.
SHIB Chart Analysis
Last month, Shiba Inu’s price remained between the resistance and support levels of $0.00002584 and $0.00002267. Both price points were broken multiple times, but SHIB has yet to make a move in either direction. Therefore, moving forward, the memecoin will likely fall to test the $0.00002267 support and rise again to consolidate within the mentioned range.
On the other hand, a breakout or breakdown will invalidate the consolidation thesis. An upward move will take SHIB’s price to $0.00002835, while a downward move could send the memecoin to $0.00002093. During this process, investors may need to monitor the rises on the Ethereum side.
