Shiba Inu (SHIB) has been on an incredible growth streak since mid-September, as its price has been steadily reaching its highest levels in the past 9 months. SHIB has traditionally been considered an overlooked memecoin in the cryptocurrency community, but recently, several factors have helped push the coin into the spotlight. Strong support from long-term investors (LTH) is playing a key role in fueling SHIB’s strong growth trend, giving it the momentum to continue recording impressive achievements in the future.
Shiba Inu gets important support
Recently, the US government made a notable move related to Shiba Inu, causing the market to start paying attention to this memecoin, although the transaction value was not too large. Specifically, the government proceeded to sell the SHIB tokens they confiscated from the FTX scandal. The total value of the SHIB sold was up to 1.5 million USD. However, just transferring these tokens was enough to create a wave of attention in the market. This information not only aroused interest but also helped bring SHIB back to the center of attention of the investor and cryptocurrency community.
Shiba Inu’s macro momentum is also further reinforced by the Long/Short Difference (MVRV) index. This index shows that SHIB is receiving strong support from long-term investors. Positive MVRV values are evidence that these investors are making profits, and their tendency is mainly to hold rather than sell. This contributes significantly to maintaining the stability of SHIB’s price in the market.
Commitment from long-term investors suggests that SHIB’s recent price increase is not just a short-term phenomenon but may be part of a sustained uptrend. Support from these investors is a key factor in determining the future direction of SHIB’s price. As long as they continue to make profits, the likelihood of a major sell-off remains low.
SHIB Price Prediction: Facing Barriers
Over the past 24 hours, the price of Shiba Inu (SHIB) has increased by a whopping 10%, reaching $0.00003169. This increase has brought SHIB to a nine-month high, bringing investors back to the cryptocurrency. The current price action of SHIB suggests that it is likely to break above a key resistance level at $0.00003515. If the coin can sustain its uptrend above that resistance level, SHIB will open up new price targets and significant upside potential in the future.
However, if SHIB loses the current support at $0.00002976, the chances of a drop to the next support zone at $0.00002267 are higher. Such a drop could dampen the bullish sentiment in the market.
This article is for informational purposes only and should not be considered investment advice. We encourage investors to conduct careful and thorough research before making any investment decisions. We are not responsible for any investment decisions you make.
