Shiba Inu (SHIB) has transformed its breakout into a remarkable rally, continuing to build momentum in the ever-evolving crypto landscape.
The surge has not only captivated the attention of crypto enthusiasts but has also brought a considerable number of meme token holders out of the depths of losses, marking a significant turning point in their investment journey.
With SHIB’s current price resting at $0.00001120 per CoinGecko, the token has showcased an impressive 12.5% surge in the past 24 hours, while its seven-day journey witnessed a striking 25.8% increase.
SHIB price action today. Source: Coingecko
The breakout that commenced at $0.000094 has now solidified as a crucial support level, prompting buyers to propel the token’s value forward. The bullish sentiment has been unyielding, with sellers seemingly absent from the scene, painting a promising picture for the token’s trajectory.
SHIB Targets And Challenges Ahead
While the ongoing momentum keeps the market sentiment upbeat, experts point to the first significant resistance point at $0.0000106. This juncture will likely be closely monitored by traders, as potential sellers could make their presence felt.
#SHIB Penetration of the Shiba candle at the resistance level is a sign of the continuation of the upward trend.
#SHIBUSDT pic.twitter.com/cZ4s0BwOGC— Andrew Griffiths (@AndrewGriUK) August 11, 2023
If the bullish momentum persists, the next target for SHIB rests at $0.000012. Observing the current price action, the likelihood of SHIB reaching these levels appears favorable, painting a bright outlook for this meme coin.
The transformation in SHIB’s fortunes extends beyond price fluctuations. Previously, a prolonged period of time saw over 80% of SHIB holders facing losses. However, recent data from Chain Afirk, an African web3 community on Twitter, indicates a significant shift.
The market capitalization of Shiba Inu is currently $6.4 billion. Chart: TradingView.com
Approximately 33.03% of SHIB holders have now transitioned into a profitable position, signaling a shift in the memecoin’s fortunes. This change not only brings relief to long-time holders but also underlines the growing resilience of the token.
Shiba Inu: The Key NVT Signal
Analyzing the Network Value to Transactions (NVT) signal provides further insights into SHIB’s current state. According to Glassnode data cited by a price analysis, the NVT metric has surged to 170.52.
This high…
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