Shiba Inu (SHIB) is preparing for a bullish breakout as selling pressure eases.
A Shiba Inu breakout beyond the symmetrical triangle could trigger a 45% rise
Shiba Inu investors prefer the strategy of accumulating unrealized profits
The number of medium-term holders is increasing due to short-term investors
Shiba Inu (SHIB) price is poised to break out of the bullish pattern and hit a multi-month high
Investors believe in this scenario, but for it to come true, one important barrier must be overcome.
Shiba Inu holders are in no hurry to sell
Investors who have purchased SHIB tokens tend to accumulate them in their accounts. This is indicated by on-chain analysis data. In particular, based on active address statistics, less than 18% of SHIB holders make transactions online.
In other words, most investors do not want to sell assets, but prefer to accumulate unrealized profits. In this case, the number of coins available for purchase and sale is reduced, which creates favorable conditions for further price increases.
Investors' penchant for accumulating coins is confirmed by the shift in supply from short-term to medium-term holders. Since the former only hold assets for a month, SHIB's move to the latter implies interest in holding for more than a month or a year.
Over the past ten days, about 4% of the total circulating supply of SHIB has flowed from those holding the coin for less than a month to those focusing on the medium term of a month to a year.
SHIB Price Prediction: When to Rally
The price of Shiba Inu is trying to get out of the symmetrical triangle. This formation is characterized by converging trend lines that form a triangle pattern. It occurs during a period of consolidation and is considered a trend continuation model: if before its appearance the price was in an uptrend, a breakout of the upper boundary is considered more likely.
SHIB is located at the narrowest part of the triangle, which creates favorable conditions for a breakout. If the price closes above the upper boundary of the pattern, a rapid move to the $0.00004148 area is possible, which would equate to a 45% increase from the current price.
However, resistance in the $0.00003599 area may slow down the upward momentum in the short term.
If the cryptocurrency breaks the lower border of the triangle, the bullish scenario will be canceled. In this case, a fall to the support area of $0.0000226 is possible.
At the time of publication, SHIB is trading around $0.0000276. Over the week, the token increased in price by almost 4%.
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