Since reaching a yearly high of $0.000035, Shiba Inu (SHIB) has experienced a 50% price decline, shifting market focus to other cryptocurrencies. However, SHIB holders remain determined, resisting the urge to sell.
According to IntoTheBlock, SHIB’s Coin Holding Time has increased significantly, indicating growing holder confidence in its mid to long-term potential. This could provide price stability if sustained.
Despite increased holding time, Shiba Inu’s network activity has declined. The number of active addresses and new addresses has decreased, suggesting reduced user engagement and shifting interest to other cryptocurrencies.
The contrasting trends of increased holding time and declining network activity place SHIB's price in a delicate situation. While extended holding time may stabilize the price, lower network activity could limit growth potential.
Technically, Shiba Inu broke out of a descending triangle on August 23, initially increasing to $0.000016. Although the breakout seemed promising, a subsequent 14% decrease indicates it might have been false. However, bulls are attempting another rally.
Sustained upward momentum could push SHIB’s price toward $0.000014, but current buying pressure appears insufficient for a sustained uptrend, likely leading to sideways trading. Increased selling pressure could result in a significant price drop to $0.000010.
