CandleFocus 55 Trillion Shiba Inu (SHIB) to Be Activated
2024-11-19
Author: Content Editor
The on-chain data reveals a support cluster of roughly 55 trillion SHIB tokens in the $0.000024-$0.000025 range, indicating a concentration of buy-ins and providing a basis for price stability and potential growth. This support cluster acts as a safety net, along with the 50-day EMA, and historically has served as a springboard for upward momentum. Around 47.65% of SHIB addresses are currently in the money, indicating a balance between accumulation and profit-taking. Maintaining the $0.000024 support cluster could boost investor confidence, while breaking above the resistance at $0.000026 could lead to higher highs. However, if the support cluster is not maintained, a sharp decline and testing of the next significant support at $0.000021 may occur. Tapering trading volumes suggest consolidation before a clear breakout.
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