Shiba Inu (SHIB) has recently experienced a price increase, pushing its value from $0.000012 on September 6 to $0.000013 today. Despite this gain, on-chain data indicates that the surge has led many short-term holders to book profits, potentially triggering a sell-off.
Data from IntoTheBlock shows that SHIB holders are preparing to sell over 4 trillion tokens, valued at $52 million, while buy orders on top exchanges total only $32.50 million. This imbalance suggests a potential price downturn.
Another data point supporting this outlook is SHIB’s Realized Profit, which has reached its highest point in over a month. Glassnode data reveals that short-term holders have realized $9.39 million in profits, adding to the likelihood of a price decline.
The In/Out of Money Around Price (IOMAP) indicator shows that SHIB’s price might face resistance at $0.000014. The substantial volume accumulated at this price level could prevent it from climbing higher, possibly dropping it back to $0.000010.
While there is a chance that buying pressure could push SHIB’s value above $0.000014 to $0.000016, the current data indicates a more likely downturn due to the significant sell-off pressure.
