The current sale on the market has wreaked havoc Salogner Investors, the majority now occupying positions in the red. According to Intothebloc Data, only 18% of SHIB holders are currently “in money”, marking a rare low profitability for cryptocurrency on the dog’s theme.
Intotheblock in / Out of the Money classifies addresses according to whether they take advantage (in money), break (money) or lose money (out of money) on their positions at the current price.
According to this indicator, 18% of Shiba Inu chain addresses are “in money” and 22% are “in money”, while 60% of SHIB addresses are “out of money” at the current Shib of 0.000013 $.
The cryptography market faces the sale
Cryptocurrencies had a large sale during the early Friday negotiation session, continuing a downward week which included a market crash on Monday, which resulted in $ 1.5 billion in liquidations.
According to Correglass data, more than $ 952 million in crypto posts were liquidated during Friday sale, the main cryptocurrencies signaling losses. SHIB dropped by 6.31% in the past 24 hours to 0.00001362, having reached intraday hollows of $ 0.00001299 and reversing a three -day increase.
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While Shib’s profitability has reached new stockings on the back, this could announce a background for Shib price As long -term holders seek to accumulate at reduced prices.
What is the next step?
Since the beginning of February, the wider cryptography market has been drifting, lowering altcoins such as Shib. Until now, SHIB has been down 28% in February, a generally positive month for Shiba Inu prices activity.
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Expectations are high for March, a month during which Shiba Inu has always closed green, with the exception of March 2023. Shiba Inu experienced significant 144.55% gains in March 2024, indicating a strong positive perspective for the coming month if history is repeated.
Currently, the daily RSI approaches the level of occurrence of 30, indicating that a rescue rally can occur once occurring conditions are confirmed.
In addition, if the feeling of the market improves and demand resumes, Shib could stage a recovery. In this scenario, a decisive rupture above the Daily SMA 50 and 200 to 0.0000177 and $ 0.0000192, respectively, could report a bullish return. In the event of a drop, Shib could release the support nearly $ 0.000011.