With the help of profitability metrics and on-chain data, Shiba Inu is getting ready for a possible market shift. As key addresses move into profitable zones, 74 trillion SHIB is expected to become active potentially leading to a significant directional shift in the tokens price dynamics.
Let's examine the data and its implications for the future of SHIB. Active addresses and profitability metrics. Sixty-two percent of SHIB holders are in the money according to recent data, which indicates a high degree of investor profitability. This translates into increased market confidence, particularly as price levels rise and active addresses become more involved.
SHIB/USDT Chart by TradingView
Frequently serving as a support mechanism, a high profitability ratio lowers selling pressure and stabilizes the price. In the event that SHIB maintains its upward trajectory, it also increases the probability of profit-taking.
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The SHIB price chart shows that a bullish triangle has formed, and it recently broke above the $0.000026 barrier. A strong bullish signal from this breakout indicates that SHIB may be aiming for the next resistance level, which is close to $0.000030. If the asset maintains its momentum, more ambitious goals might be attainable.
Nonetheless, at $0.000022, the 200-day moving average continues to be a crucial support level. SHIB could return to a consolidation phase if it is unable to maintain above this level, reversing the current bullish narrative. The market's perception of SHIB is still mostly bullish, bolstered by significant transactions coming in at over $1.03 billion over the past week.
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