Shiba Inu’s recent rally brought significant optimism, with the meme coin recording a 65% rise this month. However, its upward trajectory has faced resistance, stalling attempts to continue its climb.
Despite this, the shift in momentum presents a chance for SHIB to breach a key multi-month resistance level.
Shiba Inu LTHs Take Charge
The MVRV Long/Short Difference highlights a positive shift as long-term holders (LTHs) are back in profit for the first time in four months. Since mid-July, profits were primarily realized by short-term holders (STHs), typically a bearish signal. STHs often sell at profits, leading to increased selling pressure.
Conversely, LTHs are known for their HODLing behavior, often retaining supply for more than 12 months. This reduces sell pressure, providing price stability and support for Shiba Inu. The return of LTH profitability could play a critical role in stabilizing SHIB and supporting future price rallies.
Shiba Inu’s transaction volume has mostly been dominated by loss-bearing trades recently. This bearish activity overshadowed profitable transactions, raising concerns among investors. However, the scenario could shift as SHIB’s price consolidates and stabilizes.
As losses decrease and profits begin to rise, transaction volume trends may turn bullish. Stabilized prices typically attract investor confidence, which could encourage greater activity in profit-making trades. This shift in macro momentum suggests a potentially favorable outlook for SHIB’s recovery`.
SHIB Price Prediction: Supporting a Rise
Shiba Inu is currently trading at $0.00002503, holding above its support level at $0.00002267. The meme coin is now targeting a breach of $0.00002976, a key resistance level.
A consolidation between these ranges could allow SHIB to build momentum for another rally. Favorable market conditions would strengthen this possibility, giving the meme coin a chance to climb higher.
However, losing the critical support at $0.00002267 could result in a downturn. If SHIB slips to $0.00002093, it would invalidate the bullish thesis, potentially leading to a decline in investor sentiment
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Aaryamann Shrivastava
https://beincrypto.com/shiba-inu-profit-goes-to-lth/
2024-11-19 16:00:00
