Shiba Inu (SHIB) Price: Will It Rally 57%?
Shiba Inu's (SHIB) price is navigating a tight range around $0.000014, with minimal daily movement. Despite this, SHIB maintains a 24% gain for the month, indicating underlying momentum. The tug-of-war between buyers and sellers continues, with the next move hinging on overcoming significant resistance.
Key Factors Influencing SHIB's Price
Exchange Inflows Decrease
A notable drop in exchange inflows suggests reduced selling pressure. On July 13, inflows peaked at 2.65 trillion SHIB tokens, plummeting to 70.43 billion by July 28—a 97.3% decrease. This reduction typically signals less intent from large holders to sell, which is a positive sign as SHIB approaches resistance levels.
Resistance from Out-of-the-Money Holders
Despite reduced immediate selling pressure, significant challenges remain. Data indicates that only 18.25% of SHIB holders are profitable, with over 78% at a loss. A substantial cluster of addresses holding SHIB between $0.000015 and $0.000019 represents a dense “out of the money” zone.
These clusters often act as resistance, as holders may seek to break even, explaining SHIB's struggle to surpass $0.000015. Monitoring exchange inflows will be crucial once SHIB enters this zone.
Potential Price Movement for Shiba Inu (SHIB)
SHIB has maintained its support zone at $0.000012, demonstrating resilience. Overcoming the $0.000019 level is crucial for confirming any rally. Currently, SHIB is trading at $0.000014, an immediate resistance level tested multiple times.
Breaking the $0.000018-$0.000019 resistance could lead to a move towards $0.000022, a 57% increase. However, given the overhead supply, this rise is likely to occur in stages.
Conversely, breaking the $0.000012 support could trigger a short-term bearish trend.
Disclaimer: This analysis is for informational purposes only and not financial advice. Market conditions can change, so conduct thorough research before making any investment decisions.
At Codeum, we are dedicated to enhancing blockchain security. Contact us for smart contract audits and expert security consultations to secure your digital assets.