Shiba Inu has been on a significant uptrend since September, reaching its highest levels in recent times. However, increasing uncertainty among investors is preventing the cryptocurrency from fully benefiting from this momentum. As the upward movements increase, there are concerns about whether Shiba Inu can sustain this trend. Investors are also wondering if the price will translate into more profit-making. Crypto analyst Aaryamann Shrivastava analyzes SHIB’s indicators and technical picture.
Shiba Inu Investors Await Profits!
According to the Global In Out of the Money (GIOM) metric, around 21.53 trillion SHIB tokens, worth more than $660 million, are very close to becoming profitable. These tokens were purchased between $0.00002900 and $0.00003300. In order for these investors to make a profit, Shiba Inu needs to be able to continue its upward trend. However, market uncertainties are worrying investors and it seems unlikely that this rally will continue. While price action has been positive recently, the current market environment may make it difficult to maintain momentum.
The price of Shiba Inu has increased by 14% on a weekly basis. However, today there was an 8% drop, with the price dropping to $0.00002872. This volatility highlights the unpredictability of the meme coin’s short-term price movements. Shiba Inu is a cryptocurrency that has historically been prone to rapid price swings, so investors should closely monitor market trends.
Despite today’s decline, Shiba Inu still has significant upside potential if the broader market conditions continue to trend upward. However, it missed the opportunity to close above the $0.00002976 resistance level. Therefore, SHIB price is at risk of a decline towards the $0.00002267 support. Still, if the broader crypto market continues to rally, Shiba Inu could be able to break the $0.00002976 resistance level. If the uptrend continues, SHIB price could rally to $0.00003515.
Investors should carefully follow market trends to determine whether Shiba Inu can sustain its momentum and climb higher, breaking out of the current downtrend.