Can This 443 Trillion Shiba Inu (SHIB) Support Save Day?
2024-10-18

At 443 trillion tokens, Shiba Inu is trading close to a crucial support level that could act as a solid safety net for the current price threshold. This extensive support zone connected to 1,633 addresses activity provides information about possible market movements. The profitability of these active addresses is an intriguing aspect. 
We can clearly see the mood of the market by grouping them according to their average cost. This indicator referred to as In the Money or Out of the Money shows whether these addresses are profitable or not. Bullish sentiment may be indicated if a sizable portion of these addresses are profitable, but it may also signal possible selling pressure as holders may take profits. SHIBUSDT Chart by TradingView
Conversely, a large number of losing addresses could indicate bearish sentiment or even a buying opportunity, as these holders may be trying to reduce their acquisition cost by acquiring more SHIB. Shiba Inu is in a promising position technically. SHIB is currently trading at $0.000018. Lately, there has been a spike in volume, suggesting increased market activity.
Furthermore, the price continues to rise while staying above important indicators like the 50, 100 and 200 EMAs. SHIB is creating a triangle pattern that is symmetrical, which could result in a big breakout. The possible formation of a golden cross, a long-term bullish indicator that happens when the short-term moving average crosses above a long-term moving average, is one of the most encouraging signals.
This may reinforce the likelihood of a significant price rally and a long-term trend reversal. In general, the technical indicators, market sentiment and Shiba Inu's 443 trillion tokens of support position the token for a potential upward surge. SHIB may see a large increase in price soon if the golden cross materializes and the symmetrical triangle breaks to the upside.