The crypto world continues to buzz with activity, and Shiba Inu (SHIB) is no exception. Over the past week, the popular meme coin has shown a 6.69% price increase, trading at $0.00001291. While this has sparked optimism among investors, a deeper look into market data reveals major selling pressure among long-term holders (LTHs).
Why Are Long-Term Holders Selling SHIB?
Recent on-chain metrics indicate an uptick in LTH activity, particularly a spike in the age consumed indicator, which measures the movement of long-held tokens. This metric reached a three-month high as 906 billion SHIB tokens worth $11.6 million were offloaded into exchanges within just five days. This activity reflects a profit-taking trend that has triggered caution among other investors, potentially weakening the current rally.
Moreover, exchange net position change metrics highlight rising inflows, suggesting many SHIB holders are moving their assets to exchanges for liquidation. Such trends often point to dwindling investor confidence and an increasing likelihood of retracement.
Key Price Levels to Watch
SHIB is currently striving to maintain a support level at $0.00001285. Successfully holding this level could lead to a price rebound targeting $0.00001391, which would signal renewed bullish momentum. However, failure to sustain this support may cause SHIB to retreat to $0.00001252 or even $0.00001182, potentially erasing its weekly gains.
What Lies Ahead for Shiba Inu Investors?
While Shiba Inu’s price growth might inspire short-term optimism, the sustained selling pressure from long-term holders poses a challenge to a prolonged rally. If you’re considering investing in SHIB or other cryptocurrencies, it’s crucial to stay informed and follow reliable market analysis.
Product Recommendation: Keeping Track of Your Crypto Portfolio
Managing your cryptocurrency investments can be overwhelming, especially in volatile markets. Consider using a dedicated crypto portfolio tracking tool like CoinTracker. This platform helps you seamlessly monitor your assets, track price movements, and prepare for taxes.
Remember, successful investing in the crypto space requires both careful research and staying updated on the latest market insights.
