October 28, 2024 – Shiba Inu, one of the most popular meme-based cryptocurrencies, sees increased investor interest as more than 55% of SHIB holders are reportedly “in the money.” This metric, according to the blockchain analytics platform IntoTheBlock, indicates that a majority of holders have bought SHIB at a price lower than the current market rate. Sentiment for SHIB is building in the positive direction and is supported by strong technical indicators along with momentum to potentially support a breakout sometime soon.
Shiba Inu’s Key Support Levels and Technical Indicators
The Shiba Inu found strong support in the region of $0.00000780 to $0.00000850, wherein buying materially picked up within this zone. This zone has become an important pivot for accumulation among both new and existing investors who view this as an opportunity to buy SHIB cheap. Based on technical analysis, the MACD and RSI of SHIB show an upward trajectory, hence building up strong momentum for a rally.
This has been propelled by the fact that the token is still at a position near the 0.618 Fibonacci retracement level, which is considered a point where trend reversals occur. Analysts are keeping fingers crossed as SHIB is very well-placed to achieve a wave 5 breakout if it maintains its current support levels and buying interest.
Shiba Inu Gains in Popularity as Crypto Market See a Revival
With the recent surge in the prices of Bitcoin, altcoins like SHIB have benefited from revived hype in the cryptocurrency markets. Most investors are increasingly shifting to altcoins, such as Shiba Inu, to leverage potential movements in the prices. The community for the Shiba Inu token-the so-called “Shib Army”-continues to be quite active, rallying around the new developments for the token on blockchain.
As new blockchain projects, such as Shibarium, are focusing on the ecosystem development of SHIB and on finding new use cases for the cryptocurrency, Shiba Inu continues to raise attention not only as a meme but as a functional digital asset. It thus finally positions SHIB as an interesting option in the altcoin space, although experts advise caution given the inherent volatility in meme coins.
Outlook: Can Shiba Inu Sustain Its Rally?
The near-term prospects for SHIB currently look quite good, according to market analysts, and considering the fact that a majority of holders are currently “in the money,” Shiba Inu does have a pretty solid support base that could hopefully see it through future market fluctuations. With strong technical indicators and an established level of support, the token has the possibility of continuing to trend higher, but investors really need to keep an eye on the wider cryptocurrency market.
While the wider “Uptober” trend continues to build momentum in the crypto world, SHIB’s price action is something to keep a lookout for in the coming weeks.
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