While all major cryptocurrencies in the cryptocurrency market recorded gains in the past day, the price of Shiba Inu (SHIB) failed to make any gains.
This lack of upside is likely to continue in the future as SHIB holders are eager to lock in dividends.
The Shiba Inu faces a barrier
The price of the Shiba Inu will rise when it can escape the consolidation, and for this reason, the meme coin will need to cross this barrier first. About 60.14 trillion SHIB worth over $1.54 billion stand in the way of this breakthrough.
According to Global In/Out of the Money (GIOM), this supply was bought for between $0.00002500 and $0.00003000. For Shiba Inu investors to see these gains, the meme would need to draw a 19% upside fee from its trading price. This requires a massive push from both investors and broader market signals.
However, both are missing at the moment.
SHIB holders are uncertain about the upside, which is evident in their behavior. Investors are interested in selling their holdings to secure any gains they can get. By observing active addresses in terms of profitability, it can be seen that about 20% of all investors who conduct transactions on the network make profit.
Read more: How to buy a Shiba Inu (SHIB) and everything you need to know
This sharing is done primarily with the aim of making profits, which is not a positive sign for the price of the Shiba Inu. As a result, the meme coin will likely fail to breakout and continue to consolidate.
SHIB Price Forecast: No rally on the cards
Over the past month, Shiba Inu price was stuck between the resistance and support levels at $0.00002584 and $0.00002267. Both price points have been broken several times, but SHIB has yet to secure a move in either direction.
Hence, in the future, the meme coin is likely to fall to test the support of $0.00002267 and rise again to remain consolidated within the above-mentioned range.
Read more: Shiba Inu (SHIB) Price Forecast 2024/2025/2030
On the other hand, a breakdown or breakout would invalidate the consolidation thesis. An upward move would take SHIB to $0.00002835, while a decline could send the meme coin to $0.00002093.
Disclaimer
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