Shiba Inu (SHIB) Finally Breaks out From Downtrend
2024-11-18

Current price movement and on-chain metrics indicate that Shiba Inu is showing encouraging signs of emerging from its protracted downtrend. Following months of consolidation, SHIB is currently trading close to a crucial resistance level at $0.000025, which could pave the way for a bigger upswing. 
The 50-day and 200-day exponential moving averages (EMAs), which are frequently regarded as bullish signals, are among the important EMAs that SHIB has successfully broken above on the daily price chart. A notable increase in trading volume over the last week suggests that investor interest is rising. The next key level to keep an eye on is $0.00003; a sustained hold above this resistance could lead to higher targets. SHIBUSDT Chart by TradingView">
This positive perspective is further supported by recent on-chain data. Significant activity from large holders is evident from the $2.69 billion in transactions over $100,000 that Shiba Inu has seen in the past week. Furthermore, 61% of SHIB holders are profitable at the current price, which may promote additional accumulation. Selling pressure could still exist, though, if prices increase rapidly, as 31% of addresses are still underwater.
The 73% concentration of large holders further emphasizes how vulnerable SHIB is to whale activity. Although this indicates solid support, it also raises the possibility of volatility in the event that big wallets decide to cash in. In the last day, trading volumes have remained robust at 3.4 trillion SHIB, indicating consistent market participation. 
Despite being far below its seven-day peak of 29.22 trillion, the steady activity indicates that interest in SHIB is still there, perhaps due to the recovery of the cryptocurrency market as a whole. If SHIB keeps up its current pace and trading volume keeps increasing, the token may surpass its most recent highs.
New investors would probably be drawn in by a clear break above $0.000025, which would drive prices up toward higher resistance levels. However, traders should continue to be on the lookout for possible large-holder profit-taking, which could momentarily halt its advancement.