CandleFocus Shiba Inu (SHIB) Finally Breaks out From Downtrend
2024-11-18
Author: Content Editor
The Shiba Inu (SHIB) cryptocurrency is showing signs of emerging from a downtrend as it trades near a crucial resistance level. It has successfully broken above important moving averages and has seen increased trading volume, indicating rising investor interest. Recent on-chain data also suggests significant activity from large holders and a majority of SHIB holders being profitable. However, the concentration of large holders raises vulnerability to whale activity and potential volatility. Despite this, trading volumes remain consistent, and if the current momentum and trading volume continue, SHIB may surpass its recent highs. New investors may be attracted by a clear break above a certain resistance level, but traders should remain cautious of potential profit-taking by large holders.
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