- Over two-thirds of Shiba Inu’s supply is currently in profit, indicating significant potential for increased trading activity.
- On-chain data reveals key support and resistance levels for SHIB, with the 20EMA acting as a notable support marker.
- The rise of new Solana meme coins has diverted attention from SHIB, impacting its demand in the market.
Shiba Inu (SHIB) is currently enjoying favorable conditions, with a significant portion of its supply sitting comfortably in profit. Analysis reveals that around two-thirds of SHIB’s supply, amounting to a staggering 77.52 trillion tokens were acquired at lower prices, indicating a substantial potential for trading activity.
Delving into on-chain data, insights emerge regarding the distribution of tokens in terms of their value concerning current market prices. At present, SHIB is exchanging hands at approximately $0.000027, showcasing notable support and resistance levels on the 4-hour price chart. Notably, the 20-period Exponential Moving Average (20EMA) acts as a reliable support marker at $0.0000245, while historical price movements delineate a resistance zone below $0.000029.
The Relative Strength Index (RSI) for this timeframe paints a bullish picture for SHIB, registering at 66.88 points, signaling strong momentum. This could potentially propel the meme coin towards testing crucial resistance levels, including the psychological barrier at $0.000030.
Despite its recent dip to $0.000018, SHIB remains resilient, albeit facing a shift in market dynamics. The surge of interest in new Solana (SOL) meme coins has diverted attention away from SHIB, affecting its demand in the current landscape.
In light of these developments, investors are urged to exercise prudence when considering significant investments in SHIB. While short-term prospects appear promising, the waning interest in the token suggests a potential loss of long-term momentum, necessitating careful deliberation before committing substantial capital.
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