What’s Next for Shiba Inu?

Journalist

• SHIB resistance has remained consistent over the past few weeks.
• Current market conditions may provide a buying opportunity for buyers.

Shiba Inu price is rising [SHIB] The stock’s value has been declining over the past few weeks. It is now further away from its previous support levels.

Investor sentiment has been affected by this decline, as shown by the shrinking gap between holders who are “in the money” (making a profit) and those who are “out of the money” (suffering a loss).

Shiba Inus are becoming oversold

Shiba Inu’s price has been steadily declining since the beginning of the month, as shown in AskFX’s daily timeframe chart analysis.

Due to the downtrend, the long moving average (blue) has become resistance.

The short moving average (yellow) has also fluctuated between support and resistance. Since then, it has consolidated its position as resistance and has held this position for several months.

SHIB is currently trading at $0.000017, which represents a small increase. At the end of the previous session, SHIB recorded a decline of more than 3%.

Shiba Inu prices have been fluctuating over the past few days, with sharp declines punctuated by smaller uptrends.

When is the best time to buy?

The Relative Strength Index, a momentum oscillator that measures the speed and changes in price movements, also indicated that Shiba was in a strong downtrend.

The RSI is slightly below 30, indicating that the asset has reached an oversold condition.

This could be a sign for traders to buy, as this often occurs before a potential downtrend reversal.

Shiba Money is running low/locking down Shiba

Shiba Inu’s In/Out Of The Money metric on IntoTheBlock revealed that the gap between profitable and non-profitable addresses is narrowing.

Over 696,000 addresses represent almost 52% of all holders, meaning they bought SHIB at a lower price than the current market price.

Over 638,000 addresses (more than 47%) are out of the money because they bought at prices higher than the current SHIB trading price.

About 7,000 addresses (less than 1%) have also broken even.

Is your portfolio in the green? Shiba Inu Profit Calculator

Analysis showed that SHIB tokens purchased in the range of $0.000018-0.0000019 currently hold the most out-of-the-money tokens. There are over 425 trillion tokens in this price range.

The price range between $0.000025 and $0.000030 contains the most out-of-the-money addresses. There are over 147,000 in total.