The price of Shiba Inu (SHIB) is poised to escape a bullish pattern, potentially reaching a multi-month peak.
Investor Sentiment Strong but One Hurdle Remains
Investors appear optimistic about this breakout, though a single remaining obstacle could influence the outcome.
Shiba Inu Investors Refrain from Selling
Generally, SHIB’s price declines with increased selling, but stabilizes or grows when investors hold their coins. Currently, there is a marked tendency among SHIB investors to retain their holdings.
This trend is apparent in blockchain activity. Analysis of active addresses versus profitability reveals that fewer than 18% of investors are actively trading, suggesting a preference for holding onto SHIB to accrue unrealized profits.
Shift in Holder Demographics
The transition of SHIB from short-term holders (who typically hold for less than a month) to mid-term holders (who hold for one month to a year) has been significant. In the last ten days, around 4% of SHIB’s total circulating supply has transferred to mid-term holders, underlining a stronger intent to hold.
Distribution of Shiba Inu Supply. Information provided by IntoTheBlock.
Outlook: Bullish Momentum Predicted
With sustained holding behavior among investors, the outlook for Shiba Inu’s price remains bullish.
SHIB Price Forecast: Potential Rally Ahead?
Shiba Inu is currently challenging a symmetrical triangle pattern in its price chart, a setup that suggests consolidation followed by a possible breakout.
If SHIB manages to breach the breakout point soon, the meme coin might see a rally targeting $0.00004148, a 45% increase. Yet, a more realistic resistance level could be $0.00003599.
8-hour SHIB/USDT chart. Courtesy of TradingView.
Conversely, a drop below the lower trendline or failure to overcome the $0.00003000 barrier could negate the bullish forecast, potentially driving the price down to the $0.00002268 support level.
