Shiba Inu is still generating some traction in the market due to its recent price movement and on-chain dynamics, which portend possible growth. Due to its current positioning in the market, SHIB has shown resilience in the face of broader market uncertainties, attracting the attention of investors hoping for a recovery. A total of 56.34% of SHIB holders are in the money according to the most recent on-chain data, suggesting high profitability at current price levels.
Between $0.000027 and $0.000029, a notable cluster of SHIB activity is observed, indicating a crucial support zone. Meanwhile, the resistance zone between $0.000031 and $0.000033 indicates a significant hurdle that SHIB needs to clear in order to maintain its upside. momentum.
With only 16-45% of addresses concentrated in the current price range, market coverage is still lacking despite the fact that the presence of 129-39,000 addresses actively profiting indicates increased interest and support. This disparity suggests the possibility of additional demand and accumulation should market sentiment improve. Recent price activity for SHIB presents a contradictory picture. The asset saw a retracement after a rally that took it to $0.000033, returning to the $0.000031 range.
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While this decline is notable, it does not necessarily mean that the bullish outlook is over. The recent price recovery and the presence of an increase in trading volumes indicate that SHIB might still be able to resume its upward trajectory. Immediate resistance is still at $0.000033, while critical support is at $0.000026. A break above this level could indicate a robust rally, with a target of $0.000035 or higher.
The downside is that if the $0.000026 level is lost, a retest of the $0.000022 area could result in deeper corrections. Its ability to maintain momentum and overcome significant levels of resistance will determine the future of the Shiba Inu. Growing network engagement and on-chain activity suggests room for expansion. Stronger bullish sentiment and a broader market recovery, however, will be key for SHIB to strengthen its position. While 108 billion SHIB may seem like a lot, the long-term success of SHIB will depend on continued market support.