Shiba Inu Sell Pressure Is Dropping – Here’s What It Means For Price
2024年4月13日 - 2:30AM
NEWSBTC
The majority of Shiba Inu investors have been left confused about
the crypto’s price trajectory 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 might be looking
bullish again, 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. Shiba Inu Sell Pressure Drops 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,
IntoTheBlock’s historical active address by profitability shows the
yearly average now shifting towards wallet addresses at the money.
Related Reading: XRP Sees An Alarming 1,800% Surge In Liquidations,
Whats Going On? 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. 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. 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. Source: IntoTheBlock What’s Next For SHIB?
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, down by 1.1% in
the past 24 hours and up by 4.65% in a larger 7-day timeframe.
Related Reading: The Era Of Flippenings: Can Dogecoin Take XRP’s
Spot? Shiba Inu recently attained a milestone of 4 million
addresses, which could mean an increase in activity is on the
horizon. A surge in activity could see SHIB repeating a bullish
pattern from the 2021 bull run. According to crypto analyst
Bunchhieng, if history were to repeat itself, a repeat of this
pattern would see SHIB rising to $0.0001. SHIB price at $0.000027 |
Source: SHIBUSDT on Tradingview.com Featured image from Watcher
Guru, chart from Tradingview.com
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