Shiba Inu Approaches Key Resistance: Will Profits Follow?

Shiba Inu (SHIB) is on the verge of a potential profit surge, as 49% of SHIB holders are currently profitable at the price of around $0.00001499. On-chain data suggests this marks a significant improvement, indicating the possibility of a noticeable increase in profitability if prices continue to rise in the coming days.

Whale Influence on SHIB’s Price Movement

Whales still play a substantial role in Shiba Inu’s market dynamics. Around 73% of SHIB’s large holders are classified as whales, meaning these major investors hold a significant portion of the asset. As a result, their buying or selling activity could trigger significant price shifts. The broader cryptocurrency market, especially Bitcoin, also has a strong influence on SHIB’s price movements due to a high correlation of 0.89 between the two assets.

Any notable price shifts in Bitcoin are expected to impact SHIB’s trajectory as well. While exchange signals for SHIB show bullish momentum, on-chain data presents a more mixed outlook. On-chain indicators like network growth and large transactions have declined by 2.61%.

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However, there are still positive signs, such as the smart price metric, which is slightly positive at 0.24%. Additionally, the bid-ask volume imbalance has risen by 128.19%, suggesting growing demand on exchanges. This increase in trading volume may drive SHIB’s price upward in the short term.

Key Price Levels to Watch

A critical price threshold for SHIB is currently at $0.00001700, where the 100-day exponential moving average (EMA) is located.

If SHIB can break above this level, it could ignite a stronger rally, attracting more buyers and potentially driving the asset into profitability for a larger percentage of holders. A breach of this price barrier would increase investor interest, leading to heightened chances of profitability for SHIB investors.

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With these factors in play, SHIB’s future looks cautiously optimistic as it edges closer to becoming more profitable for its investors.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.