Shiba Inu (SHIB) Nears Key Resistance: Is a Breakout Imminent?
Bullish Technical Signals
SHIB has recently crossed above its 50-day and 200-day EMAs, often seen as strong bullish indicators. This upward momentum is accompanied by a surge in trading volume, reflecting growing investor interest. If SHIB holds above $0.000025, it could aim for the next key resistance level at $0.00003 and beyond.
Whale Activity and On-Chain Metrics
On-chain data reveals significant whale activity, with $2.69 billion in transactions over $100,000 in the past week. Currently, 61% of SHIB holders are profitable, a factor that could encourage further accumulation. However, 31% of holders remain underwater, posing a risk of increased selling pressure if prices rise sharply.
Large holders account for 73% of SHIB’s supply, providing robust support but also creating potential volatility if whales decide to sell. Daily trading volumes remain strong, with 3.4 trillion SHIB traded, signaling consistent market engagement despite being below the week’s peak of 29.22 trillion SHIB.
Outlook and Risks
If SHIB maintains its upward trajectory and surpasses $0.000025, it could attract new investors, driving prices toward higher resistance levels. However, traders should remain cautious of potential profit-taking by large holders, which could introduce temporary volatility.
With rising interest and positive market momentum, SHIB may be poised for significant gains in the near future.