Can 76 Trillion SHIB Save Shiba Inu From Crash?
2024-11-29

On-chain data indicates intriguing dynamics that may determine Shiba Inu's future course, indicating that the species is at a turning point. The data indicates that addresses holding positions within a narrow price range account for about 76 trillion SHIB. 
The key question is whether SHIB is on the verge of a sharp decline or if this enormous concentration can serve as a stabilizing force. The Active Addresses by Profitability chart shows that at an average holding price of $0.000025, 78.96% of SHIB holders are currently in the money. SHIBUSDT Chart by TradingView">
The current price of $0.00002599 is perilously close to critical resistance levels, indicating that many holders are sitting on profits. These profitable addresses might sell their holdings, putting pressure on SHIB, if it does not break higher. On the other hand, only 2 out of 35 holders are out of the money, indicating little to no capitulation to date.
This suggests that the majority of investors are upbeat, but if SHIB's price falls below its important support levels, this could change rapidly. SHIB is displaying a bullish triangle pattern on the price chart, with immediate resistance at $0.000027 and support close to $0.000023.
Though substantial volume and wider market support would be needed for this move, a breakout above $0.000027 might indicate a rally toward $0.000030. On the down side, if $0.000023 is not maintained, a more severe correction may occur, possibly aiming for the $0.000021 level.
The weeks that follow are very important for Shiba Inu. Should the token successfully emerge from its consolidation phase, it may spark renewed interest and draw in new funding. But in the absence of significant buying activity, there is a significant chance that the market will be dominated by profit-takers, raising the possibility of a sell-off.