As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs, bull runs, and bear markets. The current state of Shiba Inu (SHIB) has piqued my interest once again due to its unique dynamics.
Just now, Shiba Inu’s price reached a significant milestone on its graph, around $0.000017. This figure is slightly above a vital support area formed by a collection of moving averages and an extensive accumulation of 274 trillion SHIB at the neutral price point. It seems that Shiba Inu is facing a pivotal moment; as shown on the daily chart, any further drop might push this asset into a bearish market condition.
Despite Bitcoin’s current strength, Shiba Inu (SHIB) has only recently displayed minimal upward trend, hinting at investor uncertainty. On-chain analysis reveals mixed findings. New holders of SHIB account for just 2%, suggesting that the vast majority have held onto their investments for over a year. This pattern suggests not only a lack of new buying enthusiasm, which often triggers price surges, but also loyalty among SHIB investors.
Approximately 53% of Shiba Inu (SHIB) investors are currently making a profit, while around 43% are experiencing losses. This indicates that the current prices for SHIB may not be offering many chances to gain profits. On the topic of distribution, it’s worth noting that about 73% of the total SHIB supply is controlled by large holders or wallets with substantial amounts of SHIB. Since a limited number of these large holders can significantly influence price movements, this high level of concentration often leads to worries about potential selling pressure.
In the past week, there were around 404 million transactions worth more than $100,000, suggesting high activity, though not necessarily reflecting buying demand. Noteworthy resistance levels are at $0.000019 and $0.000024 as approximately 274 trillion SHIB is held by various addresses. If these levels are surpassed, it could signal a continuation of the bullish trend, but if the support at $0.000017 is not maintained, there’s a possibility that prices could drop to around $0.000010.
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2024-11-01 15:51