The Shiba Inu coin (SHIB) is experiencing significant changes in its market activity, with larger wallets transferring or combining into smaller addresses. This suggests that major players may be reducing their exposure to SHIB. However, the increase in smaller addresses indicates growing interest from retail investors. Profitability metrics show that only a small percentage of active addresses are currently profitable, indicating potential selling pressure if prices continue to decline. SHIB is currently struggling to overcome a resistance level of $0.00002550, and its trading volume is low. The RSI indicates a neutral market position, and the next support levels are $0.00002080 and $0.00002250. While the redistribution of holdings suggests a change in sentiment, there is not enough volume to support a significant price rally. Breaking the key resistance level is crucial for SHIB to regain momentum, so caution is advised when trading this volatile asset.
Analytics Company Researcher Says “I’m Not Buying Right Now” Despite Bitcoin’s Decline, Explains Why