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Shiba Inu stands at a pivotal moment in its history, as high market activity changes the terrain of the famous coin. A closer look at the on-chain data reveals a combination of investor dynamics that could shape SHIB’s price trajectory in the days to come. A significant shift among SHIB holders is illustrated by the data.
Larger wallets containing over 77 trillion SHIB tokens appear to be transferred or combined into smaller addresses. Major players may reduce their exposure, as evidenced by the 20% drop in portfolios holding between 1 trillion and 10 trillion SHIB. The number of small addresses with between 1 and 10 billion SHIB increased at the same time by around 9%.
Even if the whales seem to be retreating, this redistribution indicates that retail investors are increasingly interested. Only 17.61% of active addresses are currently in-the-money, according to profitability metrics, while 75.17% are out-of-the-money. This suggests there could be selling pressure as many investors are still in the red and may attempt to sell if prices continue to fall. As it struggles to overcome the $0.00002550 resistance level, SHIB is trading at $0.00002413 on the daily price chart.
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An important trend indicator for traders, the 50 EMA aligns with this crucial barrier. SHIB could test higher levels around $0.00002800 if there is a clear breakout above this level. But volume remains low, indicating there isn’t much buying pressure. The RSI indicates a neutral market position as it hovers near 51.
The next support level is $0.00002080. If SHIB is unable to hold it, the current support level near it is $0.00002250. The SHIB market is at a turning point as small investors replace whales who are reducing their holdings. Although the redistribution of holdings indicates a change in sentiment, there is not enough volume to support a significant rise in price. Breaking key resistance at $0.00002550 is essential for SHIB to regain momentum. Until then, traders should exercise caution when handling this irregular asset.
Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.