Shiba Inu (SHIB) Recent Gains Trigger More Sell-Offs
beincrypto.com 10 September 2024 19:25, UTC Shiba Inu’s recent price gains have driven market participants to lock in profits not seen in a long while. On September 6, SHIB’s price was $0.000012.
Today, the meme coin’s value has increased to $0.000013. While long-term holders might anticipate a sustained increase, on-chain analysis reveals that the token might face a setback.
Shiba Inu Holders Book Profits
Data from IntoTheBlock reveals that short-term Shiba Inu (SHIB) holders are preparing to offload over 4 trillion tokens. According to the Exchange Onchain Market Depth, this amount surpasses the number of tokens ready to be purchased on the top 20 exchanges.
At current prices, the tokens set for sale are valued at $52 million, while the buy orders total $32.50 million. When sell orders outweigh buy orders on exchanges, it often leads to price consolidation or a decline.
In SHIB’s case, the current data suggests that the token’s price could experience a downturn rather than an upswing.
Another metric supporting this outlook is SHIB’s Realized Profit, which Glassnode data shows has spiked to its highest point in over a month.
Specifically, the on-chain analytics provider reveals that SHIB’s short-term holders have realized profits totaling $9.39 million. Combined with the potential for a sell-off, it is reasonable to anticipate that SHIB’s price might face a downturn.
Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024
SHIB Price Prediction: $0.000010 Looms
From an on-chain perspective, the In/Out of Money Around Price (IOMAP) shows that SHIB’s price could face resistance at $0.000014. For context, the IOMAP classified addresses based on those in profits, those out of gains, and those at breakeven point.
With this indicator, one can predict where the price of a cryptocurrency could move using the volume purchased at a price range. When the volume is higher at a range and is in the money, the crypto has strong support.
For SHIB, the volume accumulated around $0.000014 exceeds 48 trillion, significantly higher than the volume purchased between $0.000011 and $0.000013. Considering this condition, SHIB’s price might experience a pushback as it attempts to reach $0.000014.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Once rejected, the next level for the price to reach in the short term might be $0.000010. However, Shiba Inu’s price might experience upward pressure and break above $0.000014 if buying pressure surges to incredible levels. If that happens, the token’s value might climb to $0.000016.
