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SHIB’s 40% Rally Hits a Wall, Yet Holders Remain Unfazed

2 mins
Updated by Victor Olanrewaju
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In Brief

  • Shiba Inu (SHIB) price surged 40% in a week but hit resistance around $0.000030, stalling further gains in the short term.
  • On-chain metrics show a 500% rise in SHIB's Coin Holding Time, signaling holder confidence and reduced selling pressure.
  • With positive MACD reading, SHIB could soon retest $0.000030; however, intensified selling could drive it down to $0.000021.
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Shiba Inu’s (SHIB) crypto price has increased by 40% in the last seven days following the broader market rally. But today, SHIB faced a roadblock as it attempted to rise above $0.000030.

Despite the setback, on-chain data reveal that the SHIB holders appear unperturbed. If this remains the same, then the meme coin’s retracement could be temporary.

Shiba Inu Holders Refrain from Selling

Earlier today, SHIB’s price rallied to $0.000030, with speculation spreading that the token could hit a new yearly high. But that did not happen, as the price has now dropped to $0.000025.

While some other crypto declines could be linked to selling pressure, the Coin Holding Time metric shows that SHIB holders are refraining from exerting downward pressure on it. The Coin Holding Time metric measures how long a coin has been held without being transacted or potentially sold.

When it falls, it means hodlers are selling. However, in this case, the metric has risen by over 500% within the past week, indicating bullish conviction and less selling pressure around the token. 

SHIB holders not selling
Shiba Inu Coin Holding Time. Source: IntoTheBlock

Should the token holders continue to hold this line, the cryptocurrency could see a quick rebound. 

Also, a look at the Balance by Time Held metric reveals that most of the traders who accumulated Shiba Inu within the last 30 days are still holding it. If the trend is sustained like the Coin Holding Time, then SHIB’s rally could be back underway soon.

SHIB holders activity
Shiba Inu Balance By Time Held. Source: IntoTheBlock

SHIB Price Analysis: Rebound Likely

Based on the daily chart, the SHIB crypto faces major resistance around $0.000028. This pullback brought the meme coin’s value down to $0.000026. However, the daily chart shows that bulls are fiercely defending the region.

Furthermore, the Moving Average Convergence Divergence (MACD) has remained in the positive region. The MACD is a technical oscillator that measures the relationship between two EMAs to gauge momentum.

When the reading drops, it means the momentum is bearish. However, since the reading is in the green zone, it indicates positive momentum around SHIB. Should this remain the same, then SHIB’s price could rally toward $0.000030.

SHIB price analysis
Shiba Inu Daily Analysis. Source: TradingView

In a highly bullish situation, SHIB’s price might climb toward $0.000035. On the flip side, if bears neutralize the support, the token could decline to $0.000021. If selling pressure intensifies, the token could drop to $0.000017.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Victor Olanrewaju
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
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