đ 4 Reasons Why Shiba Inu Price Is Primed for a Breakout đ„
đ Shiba Inu ( $SHIB ) has gained 10% in the past 30 days, showing strong upward momentum fueled by Bitcoinâs rally to $107K. SHIB is now positioned for a breakout thanks to bullish chart patterns and improving investor sentiment.
đ 1. Bullish Chart Pattern: SHIB has formed an inverse head-and-shoulders pattern, signaling a bullish reversal. This pattern forecasts a potential move toward $0.000023, highlighting growing momentum for SHIBâs price to rise further.
đ 2. Reduced Selling Pressure: On-chain data shows 30-day MVRV is below zero, meaning fewer traders are selling at a loss. Additionally, SHIB supply on exchanges has declined, reducing tokens available for saleâa classic bullish indicator.
đ° 3. Majority of Holders Are Profitable: According to the Global In/Out of Money metric, 86% of SHIB holders are in profit, reducing selling pressure. Only 7% of holders remain at a loss, limiting potential resistance as SHIB climbs.
đ 4. Market Rally Boosts SHIB: Shiba Inuâs price surged to $0.00002727, up 2% in 24 hours, following Bitcoinâs rally above $107K and Ethereumâs surge past $4K. Continued bullish sentiment could push SHIB toward $0.00004 by the end of 2024.
đ„ In summary, strong technical patterns, on-chain metrics, and growing investor confidence set the stage for Shiba Inuâs breakout to new highs!
