Shiba Inu’s price has been rising, but on-chain data reveals a significant test ahead. This article examines the challenges and potential for SHIB’s future price movement.
Points
- Shiba Inu’s price has increased by 5% recently.
- On-chain data shows a significant volume of SHIB held at current price levels.
- Selling pressure could slow the upside move as holders look to break even.
- Bulls must attract enough buying interest to overcome resistance.
- Technical and on-chain data should be monitored for future price predictions.
Shiba Inu （SHIB） has seen a steady increase in its price, rising by 5% since hitting lows of $0.00001266 on July 5. However, on-chain data reveals that the biggest test for SHIB still lies ahead. A significant volume of SHIB is held in the current price range, suggesting that many holders might be looking to sell their tokens to break even, resulting in selling pressure that could slow the upward move.
To break through this resistance, Shiba Inu bulls must attract enough buying interest to dissipate the selling pressure and push the SHIB price past this critical range. If SHIB holders within this resistance range choose to hold rather than sell, it could reduce selling pressure and trigger a price breakout.
Technical Analysis
The current trend indicates that SHIB’s price might face a significant test in the coming days. The ability of bulls to overcome the selling pressure will be crucial in determining the next move. As the trend unfolds, it will be important to monitor technical indicators and on-chain data to gauge market sentiment and predict potential price movements.
Conclusion
Shiba Inu’s recent price increase is promising, but the significant volume of SHIB held at current levels poses a challenge. Bulls need to attract substantial buying interest to overcome the resistance and maintain the upward trajectory. Investors should keep an eye on technical and on-chain data to stay informed about potential price movements.
解説
- Shiba Inu’s price has increased by 5% but faces significant selling pressure at current levels.
- On-chain data indicates a large volume of SHIB is held, suggesting potential sell-offs to break even.
- Bulls need to attract enough buying interest to push the price past resistance levels.
- Monitoring technical indicators and on-chain data is crucial for predicting future price movements.
- Investors should be aware of the potential challenges and opportunities in SHIB’s price action.