The cryptocurrency market has witnessed a remarkable rebound in the Shiba Inu price, climbing towards the $0.00003 mark. This surge has returned a substantial number of SHIB holders to profitability, marking a potential turning point for the meme coin’s future. As Shiba Inu gains momentum, the question remains: will this upward trend continue, and what does it mean for investors?
SHIB Holders Rejoice as Price Surges
According to data from IntoTheBlock, a significant 69% of SHIB holders are now seeing profits as the price approaches $0.00003. This positive shift is considerable given the recent fluctuations in the crypto market. With only 24% of holders currently at a loss and 6% breaking even, the outlook appears promising for those invested in Shiba Inu. This improved position might deter holders from selling, thereby reducing selling pressure and potentially sustaining the price recovery.
Potential Resistance Levels
The ‘In the Money’ metric suggests Shiba Inu faces its next major resistance hurdle at $0.000033, a level where approximately 130,620 wallet addresses purchased 15.06 trillion SHIB tokens. Overcoming this barrier could set the stage for further gains.
Challenges on the Horizon
Despite the optimistic sentiment among many holders, on-chain metrics reveal some challenges. The ‘Concentration’ metric remains in the red, indicating bearish sentiment among SHIB whales. These influential investors are currently hesitant to accumulate more coins, which could impact future price movements.
Network Growth and Burn Rate
Moreover, the net network growth shows a lack of new addresses engaging with Shiba Inu, hinting at a sluggish expansion of interest. The burn rate, crucial for reducing supply and potentially increasing demand, has also been inconsistent. Recent data from Shibburn highlights a 79% decrease in the burn rate over the past 24 hours, with only three million coins burned.
Technical Analysis Insights
Crypto analyst Javon Marks offers a brighter perspective through technical analysis. In a recent post on X, Marks highlighted a confirmed bullish pattern for Shiba Inu, suggesting a potential continuation of the upward trajectory. He anticipates that SHIB could rally to $0.000081 or even higher, representing a substantial 180% increase from its current price level.
Future Prospects
Should this rally materialize, Shiba Inu could break past its existing all-time high (ATH) of $0.000088, creating a new peak and solidifying its position in the crypto market. As of now, Shiba Inu trades at approximately $0.000029, marking an 8% increase in the last 24 hours, according to CoinMarketCap.
In summary, while Shiba Inu shows signs of recovery, the journey ahead remains uncertain. Investors and enthusiasts must keep a close eye on market trends and on-chain data to navigate this volatile landscape effectively.
