đ„ SHIBâs 40% Rally Hits a Wall, Yet Holders Remain Unfazed
Shiba Inuâs (SHIB) crypto price has increased by 40% in the last seven days following the broader market rally. But today, SHIB faced a roadblock as it attempted to rise above $0.000030.
Despite the setback, on-chain data reveal that the SHIB holders appear unperturbed. If this remains the same, then the meme coinâs retracement could be temporary.
đž Shiba Inu Holders Refrain from Selling
Earlier today, SHIBâs price rallied to $0.000030, with speculation spreading that the token could hit a new yearly high. But that did not happen, as the price has now dropped to $0.000025.
While some other crypto declines could be linked to selling pressure, the Coin Holding Time metric shows that SHIB holders are refraining from exerting downward pressure on it. The Coin Holding Time metric measures how long a coin has been held without being transacted or potentially sold.
When it falls, it means hodlers are selling. However, in this case, the metric has risen by over 500% within the past week, indicating bullish conviction and less selling pressure around the token.
Should the token holders continue to hold this line, the cryptocurrency could see a quick rebound.
Also, a look at the Balance by Time Held metric reveals that most of the traders who accumulated Shiba Inu within the last 30 days are still holding it. If the trend is sustained like the Coin Holding Time, then SHIBâs rally could be back underway soon.
Based on the daily chart, the SHIB crypto faces major resistance around $0.000028. This pullback brought the meme coinâs value down to $0.000026. However, the daily chart shows that bulls are fiercely defending the region.
Furthermore, the Moving Average Convergence Divergence (MACD) has remained in the positive region. The MACD is a technical oscillator that measures the relationship between two EMAs to gauge momentum.
