CandleFocus

Can 76 Trillion SHIB Save Shiba Inu From Crash?

Author: Content Editor
The on-chain data for Shiba Inu (SHIB) suggests that the cryptocurrency is at a turning point. Around 76 trillion SHIB is held by addresses within a narrow price range, indicating a concentration of ownership. The question is whether this concentration will stabilize the price or potentially lead to a sharp decline. Currently, 78.96% of SHIB holders are in profit at an average holding price of $0.000025, but if the price doesn't break higher, profitable addresses may sell and put pressure on SHIB. The majority of investors seem upbeat, but if the price falls below support levels, sentiment could change rapidly. SHIB is showing a bullish triangle pattern on the price chart, with resistance at $0.000027 and support near $0.000023. A breakout above $0.000027 could lead to a rally, while a failure to maintain support could result in a more severe correction. The coming weeks are crucial for SHIB, as successful emergence from consolidation could bring renewed interest, but without significant buying activity, profit-taking may dominate and lead to a sell-off.

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