Shiba Inu (SHIB) is showing promising signs of recovery after months of consolidation. The token now trades near a crucial resistance level at $0.000025, signaling a potential breakout. SHIB has successfully crossed above the 50-day and 200-day exponential moving averages (EMAs), which often signal bullish momentum. Increased trading volume over the past week indicates rising investor interest, further supporting the bullish outlook. If SHIB holds above $0.00003, it could pave the way for higher targets.
Rising On-Chain Metrics Boost Optimism
Recent on-chain data reveals strong activity among large holders, with transactions over $100,000 totaling $2.69 billion in the last week. Currently, 61% of SHIB holders are profitable, encouraging additional accumulation. However, 31% of holders remain underwater, potentially increasing selling pressure if prices surge quickly.
Related article: Shiba Inu Supply Shrinks as Whale Burns Boost SHIB Value
The concentration of SHIB among large holders stands at 73%, highlighting both support and vulnerability. While whales provide stability, any large-scale sell-off could cause significant price volatility.
Sustained Trading Volumes Show Investor Confidence
In the past 24 hours, SHIB’s trading volume reached 3.4 trillion tokens, reflecting steady market engagement. Although this is below the weekly peak of 29.22 trillion, the consistent activity points to continued investor interest, likely fueled by the broader crypto market recovery.
Source: CoinMarkerCap
A clear breakout above $0.000025 could attract new investors and drive prices higher. Sustained momentum may push SHIB toward $0.00003 and beyond. However, traders should remain cautious about potential profit-taking by large holders, which could temporarily stall upward progress.
Related article: Shiba Inu Rockets Past $0.0000241 After 1,559% Whale Surge
Shiba Inu’s recent performance suggests a potential shift in market sentiment. With bullish signals from EMAs, strong on-chain activity, and robust trading volumes, SHIB seems poised for a breakout.
However, monitoring whale activity remains crucial, as it could influence the token’s next move.
