The recent rebound in the Shiba Inu price towards $0.00003 has brought relief to many SHIB holders, putting them back in the green. This positive movement could potentially pave the way for higher prices in the future.
According to data from IntoTheBlock, the majority of SHIB holders are now in profit as the price of Shiba Inu continues to rise. 69% of holders are currently in the money, which could decrease the selling pressure on SHIB as they are less likely to sell when seeing profits. This could help sustain the price recovery for Shiba Inu, with the next significant resistance level to break above being $0.000033.
Despite the optimistic price movement, on-chain metrics still paint a bearish picture for Shiba Inu. The ‘Concentration’ metric suggests that SHIB whales are currently bearish towards the meme coin and are not accumulating more coins. Additionally, the large transaction metric and net network growth indicate a lack of new addresses buying SHIB, further adding to the bearish sentiment.
The burn rate for Shiba Inu has also been inconsistent, presenting a bearish outlook for the price. Shibburn data shows a significant decrease in the burn rate over 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. Marks highlighted a bullish pattern that could lead to a continuation of the upward trend, with the potential for SHIB to rally to $0.000081 or even higher. This could represent a 180% climb from the current price, potentially surpassing the all-time high of $0.000088.
Currently, the Shiba Inu price is trading around $0.000029, showing an 8% increase in the last 24 hours according to data from CoinMarketCap. However, the price struggles to break above $0.00003, as shown in the chart from Tradingview.com.
In conclusion, while the recent price rebound has brought some positivity to SHIB holders, on-chain metrics and inconsistent burn rates still pose challenges for the future price movement of Shiba Inu. It remains to be seen whether the bullish technical analysis outlook will prevail in the coming days.