The Shiba Inu has experienced a significant surge of growth since September, pushing its value to multi-month highs. This increase helped SHIB take advantage of the optimistic market sentiment and record a 24% increase in just the past 24 hours.
However, growing uncertainty among investors could slow the cryptocurrency’s ability to properly capitalize on current momentum. As outflows increase, so do concerns about whether the Shiba Inu can maintain its upward trajectory and recent price movement into sustainable profits.
Shiba Inu investors wait for profits
According to the GIOM (Global In Out-of-the-Money) index, about 21.53 trillion SHIB Tokens, worth more than 660 million USD, are at a profitable threshold. These tokens were purchased between 0.00002900 USD and 0.00003300 USD. For these Holders to ensure profits, Shiba Inu need to continue their upward price trend.
However, as the market faces uncertainty, continuing this bull run seems a bit difficult. While the recent price move has been positive, maintaining momentum in the current environment is not easy.
Overall market sentiment is currently mixed, with technical indicators giving warning signals for the Shiba Inu. The Chaikin Money Flow (CMF) index has had a significant decline, falling below the neutral level.
This shows that outflows have surpassed inflows, signaling a change in investor sentiment. The decline in CMF reflects heightened selling activity as investors retreat from riskier positions while awaiting further strong bullish signals.
A drop in CMF below the neutral line shows that the Shiba Inu is facing strong selling pressure. Without a reversal in this outflow trend, Meme Coin Coin may struggle to push higher. While long-term holders (LTHs) continue to support the coin, a significant lack of bullish momentum could lead to short-term volatility.
SHIB price prediction: Opportunity to rise high
The Shiba Inu’s price rose 24% during the course of the day, peaking before falling 7% today, and is now valued at $0.00002872. This volatility emphasizes the unpredictability of this Meme Coin’s short-term movements. Investors need to closely monitor market trends, as Shiba Inu have historically been sensitive to rapid price fluctuations.
Despite today’s decline, the currency still shows significant upside potential if overall market conditions favor a bullish trend.
Shiba Inu missed a crucial opportunity to close above the resistance at $0.00002976. Therefore, the coin is at risk of falling to the support level at 0.00002267 USD.
However, if the broader cryptocurrency market maintains its bullish sentiment, the Shiba Inu could overcome the resistance at $0.00002976. A sustained uptrend could lead to a move above $0.00003515, challenging the current bearish view.
Investors should stay updated on market conditions to determine whether the Shiba Inu can continue to maintain momentum and refute the current bearish view.