Faced with #شيبا_إينو a continuous downward trend over the past month, this popular coin has struggled to achieve significant gains. Despite the noticeable increase in new investor activity, this has not been enough to counter the ongoing price decline.
The struggle of Shiba Inu highlights $SHIB
to emerge from this stagnation, the challenges it faces in regaining its momentum.
Shiba Inu faces sell-offs
Currently, profitable active addresses constitute more than 25% of the total Shiba Inu addresses. These owners, who have made profits, are likely to sell their coins, leading to increased selling pressure on the price. This concentration on profitable addresses could weigh heavily on the price if it continues to dominate.
If investor behavior shifts towards holding the coin instead of selling, Shiba Inu may $SHIB see an improvement in its ongoing price decline.
Active Shiba Inu addresses by profitability.
The overall momentum of Shiba Inu $SHIB shows a slight improvement, as new addresses have started to rise again after a month of decline. This increase in the number of new investors indicates renewed interest in the meme coin, which could lead to a new influx of capital into this asset.
This increase in the number of new investors may help balance the selling pressure resulting from current profit-taking addresses. If this trend of increasing interest continues, Shiba Inu may be able to build the momentum needed to surpass current resistance levels.
New addresses for Shiba Inu.
The price of Shiba Inu #SHIB needs to rise
At the time of writing this report, the price of Shiba Inu is $0.00001127. The coin attempted to break through this level earlier this week but failed, resulting in a false breakout. The price remains under pressure as Shiba Inu tries to surpass the resistance level at $0.00001141. This has made it susceptible to further declines, with a possibility of dropping to $0.00001059.
Currently, Shiba Inu is below the resistance level at $0.00001141. If it fails to break through this level and confirm it as support, it is likely to continue its downward trend, attempting to test lower levels. Any further decline to $0.00001059 would increase the negative outlook for the coin.
Shiba Inu price analysis.
If Shiba Inu manages to convert the resistance level at $0.00001141 into a support level, it could form a solid base for the altcoin. With the help of new investors, Shiba Inu may break through the $0.00001188 level and possibly avoid its downward trend. This would negate the bearish hypothesis and indicate a shift towards a more positive outlook for the coin.