Shiba Inu (SHIB) recently experienced significant price movement, although it struggled to break through a critical resistance level. Despite the lack of sharp growth, investor confidence remains high.

This is reflected in the ongoing accumulation of SHIB, as holders continue to acquire the token despite its price stagnation.

Shiba Inu investors are seeing profits

Over the past five days, the supply of Shiba Inu on exchanges has decreased by a whopping 4 trillion SHIB, which amounts to over $115 million at current prices. This significant reduction in available supply indicates that investors are actively accumulating it. This reflects a fundamental belief that SHIB will ultimately experience a substantial price increase.

Despite the inability of the meme coin to overcome key resistance levels, its community remains unwavering. Investors are showing resilience, betting on future market conditions that may allow SHIB to break through stagnation. Sustained accumulation signals confidence, especially in light of broader market trends that have yet to yield sharp, sustained price growth.

The macro dynamics for Shiba Inu are also becoming increasingly optimistic, largely due to the actions of long-term holders (LTH). These investors typically hold their tokens for over a year, providing stability and reducing market volatility. Currently, LTH control 74% of all SHIB tokens in circulation, highlighting their strong belief in the coin's future.

Such a significant concentration of SHIB in long-term holdings is a positive indicator of the token's stability. It suggests that a substantial portion of the market is not susceptible to short-term price fluctuations and is focused on the long-term potential of the coin.

SHIB Price Prediction: Resistance Ahead

The price of Shiba Inu is currently facing resistance at the level of $0.00002976. The altcoin is striving to overcome this level, potentially recovering 15% of the losses observed this week.

If momentum builds, SHIB could regain its footing, targeting the next resistance at $0.00003306. This would represent a significant recovery for the meme coin.

Given the current market sentiment and long-term holder activity, there is potential for Shiba Inu to break above $0.00003306. If this occurs, the altcoin could rise further, reaching $0.00003515. This would indicate a growth in investor confidence and a more sustainable upward trend for SHIB in the near future.

However, the inability to overcome the resistance of $0.00002976 could lead to a bearish reversal for SHIB. If the price falls below this level, the altcoin may drop to $0.00002606. Further decline below this threshold would negate optimistic forecasts, indicating a deeper correction and prolonged losses for Shiba Inu.