CandleFocus 74 Trillion in 24 Hours Shiba Inu (SHIB) About to Get Active
2024-11-24
Author: Content Editor
The article discusses how Shiba Inu (SHIB) is preparing for a potential market shift based on profitability metrics and on-chain data. It mentions that as key addresses enter profitable zones, a significant directional shift in the token's price dynamics is expected. The data shows that 62% of SHIB holders are in the money, indicating high investor profitability and increased market confidence. A high profitability ratio also reduces selling pressure and stabilizes the price, while increasing the probability of profit-taking. The SHIB price chart shows a bullish triangle formation and a recent breakout above a key resistance level. If the asset maintains its momentum, it could aim for the next resistance level. However, the article highlights that the 200-day moving average at $0.000022 remains a crucial support level, and if SHIB fails to stay above it, a consolidation phase may occur. Overall, the market perception of SHIB is mostly bullish, supported by significant transactions in the past week.
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