Shiba Inu (SHIB) has reached a 9-month high, driven by the support of long-term holders. The cryptocurrency, which had previously been under the radar, is gaining momentum due to various factors.
The US government's recent action of selling seized SHIB tokens, linked to the FTX Alameda scandal, has drawn attention. Although the $1.5 million value sold was not substantial, it generated market interest and renewed focus on SHIB.
Further reinforcing Shiba Inu's macro momentum is its MVRV Long/Short Difference metric. Showing positive values indicates that long-term holders are profitable, which is critical for the coin's price stability.
The recent price uptick suggests it is not just a temporary increase, but potentially part of a continued upward trend. Long-term holder commitment reduces the likelihood of a large sell-off, aiding SHIB’s future price trajectory.
Shiba Inu experienced a 10% increase in the last 24 hours, bringing its value to $0.00003169. This has sparked interest among investors and potentially positions SHIB to overcome the resistance at $0.00003515.
However, if SHIB loses current support at $0.00002976, it may drop to the next support level at $0.00002267, contradicting the current bullish outlook.
