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The price of Shiba Inu also rose to $0.00003, setting a new high Owners of SHIB back to green. This is important, considering how it can set the Shiba Inu on the path to higher values.
Most SHIB Owners in the Green as Shiba Inu Prices Recover
Data for IntoTheBlock shows that many SHIB owners are green as the Shiba Inu price rebounds to $0.00003. 69% of this Owners of SHIB are in cash, while 24% are out of cash, and 6% are currently in cash. This can be bullish on the Shiba Inu price, considering that owners are less likely to sell when they are in the money.
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This can reduce the sales pressure on the SHIB and save the Shiba Inu price return. The meme coin is back to $0.00003. The ‘In the Money’ metric shows that the next key resistance level Shiba Inu needs to break above is $0.000033. 130,620 wallet addresses bought 15.06 trillion SHIB tokens at this level.
However, on-chain metrics still paint a bearish picture of the Shiba Inu, which is undoubtedly concerning. IntoTheBlock’s data shows that the ‘Concentration’ metric is red, indicating that SHIB whales they currently have a bearish sentiment towards the meme coin and prefer to resist accumulating more coins.
This major transaction metric is also currently bearish as Shiba Inu whales choose to resist accumulating more coins. The growth of the network also paints a bearish picture for the price of Shiba Inu, since there is currently a low entry of new addresses that buy the meme character.
The Shiba Inu the temperature and remains inconsistent, continuing to present a bearish view on 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 time.
From a Technical Analysis Perspective
Crypto analyst Javon Marks gave a bullish view of Shiba Inu from a technical analysis point of view. In X’s post, he said Shiba Inu has recently confirmed another bullish pattern, which could lead to a continuation of its upward trend. The analyst added that another big rally could be in play for SHIB, with the meme coin possibly reaching $0.00081 or higher.
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The crypto analyst went on to say that with this target at $0.000081, the price of Shiba Inu could witness a 180% increase and that this rally may already be played out. A rally to $0.000081 could pave the way for the Shiba Inu to surpass its current level world class (ATH) of $0.000088.
At the time of writing, Shiba Inu’s stock is trading at around $0.000029, up more than 8% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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