- Shiba Inu price is nurturing an uptrend, setting higher lows as momentum builds over the past three days.
- SHIB could rally by 10% with first resistance level at the 50-day EMA at $0.00000828.
- However, the upward trend is unsustainable, with 93.65% of wallets currently suffering losses. Near community+V:FGF072
Shiba Inu (SHIB) prices are currently showing a bullish bias after a steep 10% decline since late August. Meme Coin is brewing an uptrend after finding support. However, it faced backlash from many addresses who wanted to close their positions to avoid further losses. Near community+V:FGF072
Shiba Inu prices rise
Shiba Inu ( SHIB ) Price is rising, up nearly 5% over the past three days, with the Relative Strength Index (RSI) momentum indicator showing momentum. SHIB could see 8% recovery if sustained， To counter the first hurdle presented by the 50-day exponential moving average (EMA) at $0.00000828. Near community+V:FGF072
In a highly bullish scenario, Shiba Inu price is likely to overcome this hurdle and break above the next hurdle at $0.00000846 before facing a confluence of resistance between the horizontal line and the 200-day EMA ($0.00000908). This move would represent a 20% upside from current levels. Near community+V:FGF072
While SHIB's rise seems reasonable, the heavy indirect selling pressure does not allow it to rise. According to crypto intelligence tracker IntoTheBlock’s on-chain metric Global In/Out of the Money (GIOM), 93.65% of addresses are currently underwater (out of funds) at the current price of $0.00000769.
Only 3.52% held unrealized profits (in real money), while 2.84% held breakeven (in real money).
Since more addresses are currently experiencing losses, there are two scenarios. They will either exit the market after breakeven or play the long game, giving Shiba Inu prices a chance to recover. Near community+V:FGF072
Santiment data’s active deposits and trade inflow indicators have increased significantly, with trajectories that often indicate selling intentions. When holders move an asset to an exchange, it is usually because they plan to liquidate it for cash or trade it for better prospects. Near community+V:FGF072
Subsequently, selling pressure from 920.02 trillion addresses (or a subset of them) seeking to escape further losses could cause the Shiba Inu price to fall and possibly fall back to the $0.00000718 support level. Near community+V:FGF072
In the worst-case scenario, SHIB could extend into the demand area around $0.00000687. An opportunity may arise here to try again north, with buying pressure expected. Near community +V:FGF072
In the crypto industry, if you want to seize the next bull market opportunity, you must have a high-quality circle, so that everyone can stay together and maintain insight. If you are alone, looking around at a loss and finding that there is no one around, it is actually very difficult to persist in this industry. If you want to hug together to keep warm, or if you have any questions, welcome to join us - Official account: Breeze blowing across a lake Thanks for reading, see you next time!