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Shiba Inu (SHIB) is demonstrating resilience amidst recent market volatility, as holders show increased confidence and longer holding periods.
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The growing network activity coupled with persistent price divergence may signal a possible rebound for SHIB in the near term.
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Key support at $0.000024 is pivotal; maintaining this level could propel SHIB towards $0.000034, while breaking it risks a decline to $0.000019.
Shiba Inu shows signs of recovery with improving holder confidence; key price levels are crucial for future movements. Will SHIB rebound soon?
Shiba Inu Holders Remain Optimistic Amid Market Uncertainty
Even as Shiba Inu’s price has dipped 11% in the last week, mimicking the larger market trends, the response from holders has been notably different. Historically, significant price drops often trigger mass sell-offs, yet this downturn has not led to a sell-off among SHIB holders, indicating a level of resilience and steadfastness.
According to data from IntoTheBlock, optimism is reflected in the increase of SHIB’s Coins Holding Time since December 8. This metric highlights the average duration that coins remain held without transactions or sales. An uptick in this value suggests that holders are confident in SHIB’s future potential, electing not to move their tokens during a downturn.
Conversely, declining holding times typically point to a lack of confidence, prompting holders to liquidate their assets when prices fall. The current situation suggests increasing confidence among SHIB investors, potentially setting the stage for a recovery.
The consistent rise in holding periods might enhance Shiba Inu’s chances of a price recovery. Furthermore, observing daily active address (DAA) trends helps identify on-chain activity and user sentiment.
A strong price-DAA divergence indicates increased user participation, which historically correlates with price increases. Currently, SHIB exhibits positive DAA activity, signaling potential upward momentum.
With Santiment’s data indicating a 33.65% surge in the price-DAA divergence, bullish sentiment suggests that if these trends continue, SHIB could see prices rising past $0.000027 shortly.
SHIB’s Price Outlook: Can It Rebound?
The Accumulation/Distribution (A/D) indicator has risen on SHIB’s daily chart, combining price action and trading volume to assess potential accumulation or selling trends.
The A/D indicator’s ascent indicates buying pressure is overpowering selling pressure, signalling potential support for SHIB’s price around $0.000024. For a rebound towards $0.000034, this support must hold.
In conclusion, maintaining the $0.000024 support level is crucial for Shiba Inu’s recovery trajectory. If successful, it could pave the way for bullish momentum toward $0.000034. However, falling below this key support may signal a downward trend, with potential targets approaching $0.000019 instead.
Conclusion
As Shiba Inu navigates through these turbulent waters, the strong engagement among holders and increasing activity levels provide a glimmer of hope for recovery. Investors will be closely watching these key support levels as indicators of future market behavior.
