Shiba Inu has been facing a sustained downtrend for the past month, ensuring that the popular Meme Coin does not bring about significant benefits. There was a noticeable increase in new investors’ activities, but this was not enough to counter the ongoing price decline.
Shiba Inu’s struggle to be free from this slump highlights the challenges he faces in regaining momentum.
Shiba Inu faces sales
Currently, profitable active addresses account for more than 25% of Shiba Inu’s total addresses. These holders who see profits are more likely to cash out, leading to increased sales pressure on prices. The concentration of profitable addresses is weighing heavily on prices if they continue to control.
If investor behavior shifts to retention rather than sales, Shiba Inu could be mitigated from the ongoing price drop.
Shiba Inu’s overall macro momentum has improved slightly as new addresses begin to rise again after a month’s decline. This increase in new investors means new interest in memecoin, which could lead to new influx of capital in assets.
This increase in new investors could help offset the sales pressure caused by existing profitable addresses. If this trend of growing interest continues, SHIB may be able to build the momentum it needs to push beyond current levels of resistance.
Shiv’s price needs to be pushed upwards
At the time of writing, the Shiba Inu priced at $0.00001127. The coin tried to break out earlier this week but failed, resulting in an incorrect breakout. Prices are under pressure as Shiv tries to navigate resistance levels at 0.00001141. This can make you vulnerable to further reductions and drop to $0.00001059.
Currently, SHIB is under resistance of $0.00001141. If you can’t break through this level and see it as support, you may be able to test the low level and continue the downtrend. Slide further to $0.00001059 and add to the bearish emotions surrounding the coin.
However, if Shiba Inu succeeds in supporting a $0.00001141 resistance, it could create a solid base for Altcoin. With the help of new investors, SHIB could break the $0.00001188 level and potentially escape that downtrend. This invalidates bearish papers and marks a shift towards a more positive outlook for the coin.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
