Shiba

Shiba Inu

<p>The majority of Shiba Inu investors have been left confused about the <a href="https://www.newsbtc.com/shiba-inu/trading-strategy-shiba-inu/">crypto’s price trajectory</a> in the past few weeks. While the crypto has experienced a period of stagnation in the past two weeks, recent on-chain data shows that the outlook <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shib-price-recover/">might be looking bullish again</a>, particularly as selling has slowed dramatically this week. At the same time, Shiba Inu has now crossed a major milestone in the number of addresses, which could mean an increase in the number of holders.</p> 
<h2 id="shiba-inu-sell-pressure-drops">Shiba Inu Sell Pressure Drops</h2> 
<p>The price of Shiba Inu can easily be moved by selling and buying pressure from investors. Recent on-chain data, however, indicates that the selling pressure is currently decreasing, which could manifest in the price of the SHIB in the coming week. Particularly, <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=inAndOut" rel="nofollow">IntoTheBlock’s </a>historical active address by profitability shows the yearly average now shifting towards wallet addresses at the money.</p> 
<p>Interestingly, this cohort of traders is now at almost 74.6%, meaning they contribute to the majority of the buying and selling action. However, their “at the money status” doesn’t give a clear path to their actions, as they could either be selling or increasing their holdings at the current price.</p> 
<p>On the other hand, this metric indicates better action among the active portion of addresses that are “in the money.” Interestingly, these “in the money” addresses have now seen their year-to-date activity average falling below 18%. This cohort of traders, who would normally be selling after reaching profits on their holdings, have failed to conduct a tangible number of transactions. Interestingly, this indicates they might be opting to hold right now in order to increase their unrealized profits.</p> 
<p>Similarly, on-chain data shows a substantial amount of SHIB moving out of the hands of short-term holders, contributing to a drop in selling pressure. About 4% of the entire circulating supply of SHIB has moved from short-term holders to mid-term holders in the past week. Mid-term holders hold their assets for more than a month to a year, in contrast to short-term holders, who are known for holding for less than a month before selling.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="alignnone size-medium wp-image-602912 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Shiba-Inu-2.png?w=460&amp;resize=460%2C306" alt="Shiba Inu" width="460" height="306" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Shiba-Inu-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/Shiba-Inu-2.png?w=460&amp;resize=460%2C306 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"></p> 
<h2 id="what-s-next-for-shib">What’s Next For SHIB?</h2> 
<p>With decreasing sell pressure and a shift to longer holding times, SHIB is poised for a reversal and continued upward momentum. At the time of writing, SHIB is trading at $0.00002766, <a href="https://bitcoinist.com/dogecoin-shiba-inu-price-red/" rel="nofollow">down by</a> 1.1% in the past 24 hours and up by 4.65% in a larger 7-day timeframe.</p> 
<p>Shiba Inu recently <a href="https://bitcoinist.com/shiba-inu-hits-milestone/" rel="nofollow">attained a milestone</a> of 4 million addresses, which could mean an <a href="https://bitcoinist.com/shiba-inu-burn-rate-48554/" rel="nofollow">increase in activity</a> is on the horizon. A surge in activity could see SHIB repeating a bullish pattern from the 2021 bull run. According to crypto <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-reach-0-0001/">analyst Bunchhieng</a>, if history were to repeat itself, a repeat of this pattern would see <a href="https://www.newsbtc.com/shiba-inu/trading-strategy-shiba-inu/">SHIB rising to $0.0001</a>.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/aF1Bulyq/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530"></p>

Shiba Inu Sell Pressure Is Dropping – Here’s What It Means For Price

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