Shiba Inu's recent rally has led to a 65% increase, sparking optimism among investors. Despite facing resistance, the rally presents an opportunity for SHIB to break past a crucial multi-month resistance level.
Long-term holders (LTHs) have started profiting again after four months. Their HODLing behavior reduces sell pressure and stabilizes prices, contributing positively to Shiba Inu's price movements. This change marks a hopeful sign for future price rallies.
Recent transaction volumes have been largely dominated by loss-bearing trades. As SHIB's price stabilizes, a shift towards profit-making trades is expected. This shift could signal a favorable outlook, boosting investor confidence and transaction activity.
Shiba Inu is currently trading at $0.00002503 and aims to breach the key resistance level of $0.00002976. Consolidation between current price ranges could help SHIB build momentum for its next rally, assuming market conditions remain favorable.
However, failing to maintain the support level at $0.00002267 might lead to a downturn. If SHIB price slips to $0.00002093, it would nullify the bullish outlook, potentially affecting investor sentiment negatively.
