SHIB Reaches a Critical Point on the Chart
Recently, Shiba Inu’s price hit a key level at $0.000017, sitting just above a crucial support area formed by a cluster of moving averages and a significant volume of 274 trillion SHIB at the break-even price level. SHIB appears to be at a turning point, with the daily chart indicating that any further decline could push the asset into bearish territory.
Investors Remain Cautious as Growth Remains Modest
While Bitcoin has shown strength recently, SHIB has only displayed mild upward momentum, reflecting hesitation among investors. An analysis of on-chain data reveals some mixed results: only 2% of current SHIB holders are new, indicating that most investors have held SHIB for over a year. This data not only reflects a lack of fresh buying pressure but also may indicate loyalty among long-term SHIB investors.
Limited Profit Opportunities
Approximately 53% of SHIB holders are in profit, while 43% are at a loss, suggesting limited potential for profit at current price levels. In terms of concentration, 73% of SHIB’s total supply is held by large holders, raising concerns about possible selling pressure due to the influence of a small number of wallets on the price.
Significant Transactions, But Uncertain Demand
Recent data shows transactions over $100,000 totaling $404 million, indicating substantial activity but not necessarily purchasing demand. The $0.000019 and $0.000024 levels are important resistance points where the mentioned 274 trillion #SHIB، are concentrated. Breaking above these levels could signal a bullish trend, but if support at $0.000017 is not maintained, a further drop toward $0.000010 could be possible.
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