SHIB
Shiba Inu Sell Pressure Is Dropping
Published
1 month agoon
By
adminThe majority of Shiba Inu investors have been left confused about the crypto’s price trajectory in the past few weeks. While the crypto has experienced a period of stagnation in the past two weeks, recent on-chain data shows that the outlook might be looking bullish again, particularly as selling has slowed dramatically this week. At the same time, Shiba Inu has now crossed a major milestone in the number of addresses, which could mean an increase in the number of holders.
Shiba Inu Sell Pressure Drops
The price of Shiba Inu can easily be moved by selling and buying pressure from investors. Recent on-chain data, however, indicates that the selling pressure is currently decreasing, which could manifest in the price of the SHIB in the coming week. Particularly, IntoTheBlock’s historical active address by profitability shows the yearly average now shifting towards wallet addresses at the money.
Interestingly, this cohort of traders is now at almost 74.6%, meaning they contribute to the majority of the buying and selling action. However, their “at the money status” doesn’t give a clear path to their actions, as they could either be selling or increasing their holdings at the current price.
On the other hand, this metric indicates better action among the active portion of addresses that are “in the money.” Interestingly, these “in the money” addresses have now seen their year-to-date activity average falling below 18%. This cohort of traders, who would normally be selling after reaching profits on their holdings, have failed to conduct a tangible number of transactions. Interestingly, this indicates they might be opting to hold right now in order to increase their unrealized profits.
Similarly, on-chain data shows a substantial amount of SHIB moving out of the hands of short-term holders, contributing to a drop in selling pressure. About 4% of the entire circulating supply of SHIB has moved from short-term holders to mid-term holders in the past week. Mid-term holders hold their assets for more than a month to a year, in contrast to short-term holders, who are known for holding for less than a month before selling.
Source: IntoTheBlock
What’s Next For SHIB?
With decreasing sell pressure and a shift to longer holding times, SHIB is poised for a reversal and continued upward momentum. At the time of writing, SHIB is trading at $0.00002766, down by 1.1% in the past 24 hours and up by 4.65% in a larger 7-day timeframe.
Shiba Inu recently attained a milestone of 4 million addresses, which could mean an increase in activity is on the horizon. A surge in activity could see SHIB repeating a bullish pattern from the 2021 bull run. According to crypto analyst Bunchhieng, if history were to repeat itself, a repeat of this pattern would see SHIB rising to $0.0001.
SHIB price at $0.000027 | Source: SHIBUSDT on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Crypto Analyst Says Massive Surge Is Coming, Here’s The Target
Published
1 week agoon
May 6, 2024By
adminShiba Inu has rebounded by over 19% from its $0.00002081 price point at the beginning of the month. Current price action shows the cryptocurrency might be on its way to performing an interesting price surge in the coming weeks. According to one crypto analyst, SHIB could actually go on a 120% price surge after breaking out of the current consolidation.
Crypto Analyst Says Massive Surge Coming
SHIB kickstarted a price correction immediately after reaching 0.00003556 in early March. Bullish investor sentiment surrounding the meme cryptocurrency at the time quickly changed into a bearish one. This pushed SHIB on a decline that bottomed out at $0.00002117 in the middle of April, indicating a 40% price correction in those two months. Interestingly, this was the worst SHIB price decline since the May 2022 collapse of the Terra ecosystem.
Related Reading: Why Did The Solana (SOL) Price Jump Today?
As noted on the 8-hour timeframe chart shared on social media platform X by crypto analyst World Of Charts, SHIB has been on a consolidation channel for the past two months. However, the analyst foresees a bullish breakout to create a strong bullish wave that’s going to send SHIB holders on a profit margin between 100% and 120%.
Consolidating In Bullish Flag In H8 Timeframe Incase Of Successful Breakout Expecting Solid Bullish Wave Expecting 100-120% Bullish Wave#Crypto #Shib pic.twitter.com/vfLClaexvu
— World Of Charts (@WorldOfCharts1) May 3, 2024
Interestingly, a further look into the chart shared by World Of Charts shows that the analyst is open to a higher price surge over a longer period of time. The last price target indicated on the chart is $0.00009500, which is a 280% target from the current price levels.
Can Shiba Inu Push Higher?
Shiba Inu recently formed a higher low on the weekly timeframe, an indicator that the bulls might be starting to gain the upper hand. Despite the past decline, over 56% of SHIB holders remained in profit as many long-term holders opted to hold on to their tokens. At the time of writing, SHIB is trading at $0.00002489 and is up by 6.4% in the past seven days. This price increase has seen the number of SHIB holders in profit rising concurrently to 61%.
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Many addresses that just moved into profit margin are not taking profit indicating that majority of investors are anticipating a price increase in May. One catalyst that could lead to a further price increase is the recent partnership between PayPal and MoonPay which will allow PayPal users within the United States to buy the dog-themed cryptocurrency easily.
Popular crypto analyst Ali Martinez also predicted a SHIB price surge based on a bull flag that has recently appeared on the token’s price chart.
SHIB falls after brief recovery | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Dogecoin Mirroring Price Action That Preceded Massive Bull Runs in the Past, Says Trader – Here’s His Outlook
Published
2 weeks agoon
May 3, 2024By
adminCryptocurrency analyst and trader Ali Martinez is saying that the price of Dogecoin (DOGE) is exhibiting behavior it has previously displayed before embarking on massive rallies.
Martinez tells his 61,200 followers on the social media platform X that the largest memecoin by market cap earlier this year broke out of a descending triangle, which is considered bullish if the price breaks out above the upper trend line, on the weekly chart.
“It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!”
According to Martinez, Dogecoin exhibited similar price behavior in 2017 and 2021.
“In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!”
“In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!”
“Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience.”
Dogecoin is trading at $0.13 at time of writing.
Next up is the second-largest memecoin by market cap, Shiba Inu (SHIB). Martinez says that he entered a long position nearly 20% below the current level and is targeting a gain of close to 4x.
“Shiba Inu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends SHIB to $0.000072323.”
SHIB is trading at $0.0000225 at time of writing.
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SHIB
Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed?
Published
3 weeks agoon
April 22, 2024By
adminShiba Inu has constantly managed to trade above $0.000021 last week amidst an ongoing tussle between the bulls and bears. On-chain data has indicated some serious whale movements during this period, with trillions of SHIB shuffled in and out of exchanges.
The price of SHIB went through a decline earlier in the week from an extended selloff in the previous week. As the week progressed, things started to change into bullish action during the weekend up until a resistance just below $0.000028. Interestingly, on-chain transaction data from whales shows the major holders moved trillions of SHIB over the weekend, with 3.19 trillion SHIB movement in the past 24 hours.
Recent on-Chain Data Shows Large SHIB Whale Activity
According to IntoTheBlock’s large transaction volume data, the number of Shiba Inu transactions over $100,000 went through a major uptick last week, with the value of transactions greater than $100,000 reaching $661.5 million. On April 19th alone, SHIB transactions in this cohort reached 6.36 trillion SHIB worth $144.76 million. Large transactions in the last 24 hours particularly reached 3.19 trillion SHIB worth $82.49 million.
With so much SHIB on the move, the big question is where are these whales sending their tokens. Interestingly, on-chain data showed large transactions consisting of a to and fro movement into and outside exchanges, indicating mixed feelings from large holders. A notable transaction involved the movement of 100 billion SHIB tokens into a crypto exchange on Sunday. Speculations from investors are that this could be a potential selloff from the whale, suggesting that there is a possibility of a price decline in the short term.
What Does This Mean For Shiba Inu Holders?
For average SHIB investors, whale activity can be both promising and worrying. While more large holders and transactions may indicate growing mainstream interest and adoption of the token, their moves can also significantly impact price. A positive price movement is enjoyed by Shiba Inu when whales are accumulating from exchanges. However, movement into exchanges suggests a selloff, as in the case of the 100 billion SHIB transaction on Sunday.
At the time of writing, SHIB is trading at $0.00002726, a 6.65% increase from 0.00002556 in the past 12 hours. Shiba Inu is also up by 16% on a larger seven-day timeframe and is on the way to displacing Cardano in the market cap rankings.
SHIB’s price action this week should be full of action as the week unfolds, with the bulls now retesting a resistance at $0.000028. According to IntoTheBlock’s “In/Out Of The Money” metric, 6.62 trillion SHIB tokens were bought at this price level, with 28,760 addresses waiting to make a profit. A break over this price level indicates further resistance levels at $0.000029 and $0.000030.
SHIB price at $0.000026 | Source: SHIBUSDT on Tradingview.com
Featured image from The News Crypto, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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