According to U.Today, Shiba Inu (SHIB) is gearing up for a potential market shift, driven by profitability metrics and on-chain data. As significant addresses move into profitable zones, approximately 74 trillion SHIB tokens are expected to become active, which could lead to a notable change in the token's price dynamics.
Recent data indicates that 62% of SHIB holders are currently profitable, reflecting a high level of investor confidence. This increased profitability translates into heightened market confidence, especially as price levels rise and active addresses become more engaged. A high profitability ratio often serves as a support mechanism, reducing selling pressure and stabilizing the price. If SHIB continues its upward trend, the likelihood of profit-taking also increases.
The SHIB price chart reveals the formation of a bullish triangle, with a recent breakout above the $0.000026 barrier. This breakout is a strong bullish signal, suggesting that SHIB may be targeting the next resistance level near $0.000030. If the asset maintains its momentum, it could aim for even more ambitious targets. However, the 200-day moving average at $0.000022 remains a critical support level. Should SHIB fail to stay above this level, it may revert to a consolidation phase, reversing the current bullish outlook.
The market sentiment towards SHIB remains predominantly bullish, supported by significant transactions exceeding $1.03 billion over the past week. This influx of substantial transactions further reinforces the positive perception of SHIB in the market.
