Shiba Inu has experienced a significant uptrend since September, pushing its price to multi-month highs. This rise allowed SHIB to capitalize on the bullish market sentiment and record a 24% gain over the past 24 hours.
However, growing uncertainty among investors could delay the cryptocurrency’s ability to capitalize on its current momentum fully. As outflows rise, concerns are growing about whether Shiba Inu can maintain its upward trajectory and convert the recent price action into sustainable profitability.
Shiba Inu Investors Await Profit
According to the GIOM (Global In Out-of-the-Money) metric, approximately 21.53 trillion SHIB tokens, worth over $660 million, are on the verge of becoming profitable. These tokens were acquired within the price range of $0.00002900 to $0.00003300. For these holders to secure profits, Shiba Inu must continue its uptrend.
However, as the market faces uncertainty, the continuation of this rally seems slightly difficult. While the price action has been positive recently, maintaining momentum in the current environment could be challenging.
The broader market sentiment is mixed, with technical indicators offering a cautionary signal for Shiba Inu. The Chaikin Money Flow (CMF) has seen a noticeable downtick, dipping below the neutral line.
This suggests that outflows have outpaced inflows, indicating a shift in investor sentiment. The decline in CMF reflects increased selling activity as investors pull back from riskier positions while awaiting stronger bullish signals.
A drop in the CMF below the neutral line signals that Shiba Inu is facing stronger selling pressure. Without a reversal in the outflow trend, the meme coin could struggle to push higher. While long-term holders (LTHs) continue to support the coin, the lack of significant bullish momentum could lead to short-term volatility.
SHIB Price Prediction: Rising Higher
Shiba Inu’s price experienced a 24% rise during intra-day trading, peaking before a subsequent 7% drop today, placing its value at $0.00002872. This volatility highlights the unpredictability of the meme coin’s short-term movements. Investors should monitor market trends closely, as Shiba Inu has historically been sensitive to rapid price swings.
Despite today’s decline, the coin still shows significant upside potential if the broader market conditions favor bullish trends.
Shiba Inu missed a crucial opportunity to close above the resistance level of $0.00002976. Due to this, the coin risks declining towards the support at $0.00002267.
However, if the broader cryptocurrency market maintains a bullish sentiment, Shiba Inu could break through the $0.00002976 resistance. A sustained upward trend could lead to a potential breach of the $0.00003515 level, challenging the current bearish outlook.
Investors should stay updated on market trends to determine if Shiba Inu can maintain momentum and invalidate the current bearish sentiment.
Disclaimer
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