This article is available in Spanish.
The Shiba Inu price has risen to $0.00003, increasing most of the price SHIB holders back in green. This is significant, considering how this could put Shiba Inu on the path to higher prices.
Most SHIB holders in green as Shiba Inu price returns
IntoTheBlock data shows that most SHIB holders are in the green as the Shiba Inu price returns to $0.00003. 69% of this SHIB holders are now in the money, while 24% are out of the money and 6% are currently in the money. This could be bullish for the Shiba Inu price as holders are less likely to sell when they are in the money.
Related reading
This could reduce sales pressure on SHIB and preserve the Shiba Inu price recovery. The meme coin has recovered towards $0.00003. The ‘In the Money’ metric shows that the next significant resistance level for Shiba Inu to overcome is $0.000033. 130,620 wallet addresses purchased 15.06 trillion SHIB tokens around this level.
However, the on-chain metrics still paint a bearish picture for Shiba Inu, which is undoubtedly concerning. Data from IntoTheBlock shows that the ‘Concentration’ metric is in the red, indicating this SHIB whales currently have bearish sentiment towards the meme coin and are choosing not to collect more coins.
This large transaction metric is also bearish at the moment, as Shiba Inu whales choose not to collect more coins. The net network growth also paints a bearish picture for the Shiba Inu price, as there is currently a low inflow of new addresses purchasing the meme coin.
The Shiba Inu combustion rate has also remained inconsistent, providing further bearish prospects for the Shiba Inu price. Shibburn data shows that the burn rate has dropped by more than 79% in the last 24 hours, with three million coins burned during this period.
From a technical analysis perspective
Crypto analyst Javon Marks has provided a bullish outlook for Shiba Inu from a technical analysis perspective. In an X post, he stated that Shiba Inu recently confirmed another bullish pattern, which could lead to a continuation of the uptrend. The analyst added that another big upside move could be in play for SHIB, with the meme coin potentially rising to $0.00081 or even higher.
Related reading
The crypto analyst further said that with this target of $0.000081, the Shiba Inu price could see a 180% increase and that this rally may already be in play. A rally to $0.000081 could pave the way for Shiba Inu to surpass its current price highest ever (ATH) of $0.000088.
At the time of writing, the Shiba Inu price is trading around $0.000029, up more than 8% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
