Shiba InuSHIB) has seen a notable rise in prices since mid-September, climbing steadily to its highest level in 9 months.
Although the coin itself has remained largely under the radar, various factors are now placing it in the spotlight. Support from long-term holders (LTH) fuels SHIB’s momentum.
Shiba Inu has support
A recent decision by the US government regarding Shiba Inu has drew attention to the coin despite the relatively small amount. The government sold SHIB tokens that were seized as part of the FTX Alameda scandal funds.
The total value of the SHIB sold was $1.5 million, but just moving the tokens caused a stir in the market. The news sparked interest and put SHIB on the radar of crypto enthusiasts and investors.
The macro momentum behind Shiba Inu has also strengthened, as indicated by the long/short MVRV (market value versus realized value) difference. This metric reveals that SHIB has support from long-term holders (LTH). Positive MVRV values suggest that these investors are making profits, and since they tend to hold their positions rather than sell them, their support is crucial for SHIB’s price stability.
The long-term commitment of holders implies that SHIB’s recent price increase is not just a short-term rise but could be part of a sustained uptrend. LTH support for Shiba Inu is a vital factor in determining the future price trajectory of the coin. As long as long-term holders continue to make gains, the likelihood of a selloff remains low.
SHIB Price Prediction: Facing the Obstacles
Shiba Inu (SHIB) saw its price increase by 10% in the last 24 hours, reaching $0.00003169. The surge propelled SHIB to a nine-month high, sparking renewed interest from investors.
SHIB Price Action indicates that it could potentially break the key resistance level at $0.00003515. A sustained move above this resistance would open the way for new price targets and potential growth.
However, if SHIB loses its current support level at $0.00002976, a decline towards the next support area of $0.00002267 becomes more likely. Such a decline would negate the bullish sentiment.
Disclaimer
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