Shiba Inu (SHIB) Stalls During Meme Coin Frenzy, Continues Consolidation
In Brief
- Shiba Inu’s price has been consolidated for the past month and might continue moving sideways.
- The meme coin failed to capitalize on the recent meme coin craze due to selling by investors.
- The altcoin also faces a resistance of $1.54 billion worth of SHIB that would become profitable after a 19% rally.
While all the major meme coins in the crypto market noted highs in the past day, Shiba Inu’s (SHIB) price failed to mark any rally.
This lack of bullishness will likely continue going forward since SHIB holders are keen on securing profits.
Shiba Inu Faces a Barrier
Shiba Inu’s price will rise when it manages to escape consolidation, and for the same, the meme coin would need to cross this barrier first. About 60.14 trillion SHIB worth more than $1.54 billion sits in the path of this breakout.
According to Global In/Out of the Money (GIOM) this supply was bought between $0.00002500 and $0.00003000. In order for Shiba Inu investors to witness these gains, the meme coin would need to chart a 19% rise from the trading price. This would require a massive boost from both investors and broader market cues.
However, both are missing at the moment.
SHIB holders are uncertain of a rise, which is evident in their behavior. The investors are high on selling their holdings to secure whatever gains they can. Upon observing the active addresses by profitability, one can note that about 20% of all investors conducting transactions on the network are in profit.
This participation is primarily done with the intention of booking profits, which is not a positive sign for the Shiba Inu price. As a result, the meme coin could likely fail the breakout and continue consolidation.
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SHIB Price Prediction: No Rise on the Cards
For the last month, Shiba Inu’s price has been stuck between the resistance and support of $0.00002584 and $0.00002267. Both price points have been broken through multiple times, but SHIB has not yet secured a move in either direction.
Thus, going forward, the meme coin will likely fall down to test the support of $0.00002267 and rise back to remain consolidated within the aforementioned range.
On the other hand, a breakdown or a breakout will invalidate the consolidation thesis. An upward move will bring SHIB to $0.00002835, while a decline could send the meme coin to $0.00002093.
