Are Shiba Inu bulls back? What the latest surge means for SHIB traders

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    SHIB surged by 7.56% since rejecting the $0.00001270 support level in the last 24 hours.
    Metrics and market signals indicate a further bullish rally is likely.

As an experienced analyst, I believe Shiba Inu (SHIB) is currently exhibiting strong bullish signs. Rejecting the $0.00001270 support level led to a significant 31% price increase since July 5th, and the recent surge of 7.56% in the last 24 hours indicates a continued buying trend.

Shiba Inu (SHIB) experienced a robust price surge in recent times. The bullish trend pushed the value of SHIB near the support level at approximately $0.00001270, but it was unable to hold this position since July 5th. Following this rejection, SHIB’s price surged by a substantial 31% to its current value.

At present, the value of Shiba Inu has risen by 7.56% over the past 24 hours, edging closer to its previous weekly peak. According to CoinMarketCap, the coin is currently priced at $0.00001698 and boasts a market capitalization of $10 billion.

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As an analyst, I’ve noticed that this building is exhibiting signs of increasing buying interest, which implies that investors are confidently jumping back in. Nevertheless, for Shibaswap (SHIB) to validate a sustained uptrend, it must surpass its weekly high as a prerequisite.

Metrics paint a bullish picture for SHIB

According to AMBCrypto’s interpretation of IntoTheBlock statistics, approximately half of Shiba Inu (SHIB) investors presently experience a profit due to the current market price. In contrast, around 47% of these investors have yet to achieve a profit.

Taking a moderately positioned stance in this market helps minimize the likelihood of widespread profit-taking, which could potentially halt the ongoing bullish trend.

additionally, whales hold approximately 73% of the SHIB supply. Such a large percentage in the hands of a few entities can magnify price fluctuations based on their actions.

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It’s intriguing to note that Shiba Inu’s price closely follows Bitcoin‘s, boasting a robust correlation of 0.84. This implies that Shiba Inu might mirror the larger crypto market swings instigated by Bitcoin.

According to our examination of IntotheBlock’s statistical data, the “In the Money” marker currently hovers at 2.11%, suggesting a bullish trend. Simultaneously, network expansion is relatively stable at 0.19%. The substantial bid-ask volume disparity signifies an intensely bullish 82.02% buying pressure.

Investor sentiment and token distribution

To gain deeper insights into the distribution of SHIB in the market based on IntoTheBlock’s concentration data, we delved deeper. The holder composition of SHIB reveals a cautious investment approach, as 77% of the addresses have held onto their tokens for over a year.

This long-term outlook could provide price stability and reduce selling pressure during rallies.

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Intriguingly, the allocation of SHIB tokens among whale and retail investor groups presents a noteworthy disparity. Specifically, just seven whale wallets account for an impressive 59.65% of the token supply, whereas fourteen actively engaged investor addresses collectively possess 13.52%.

The combination of a substantial number of institutional investors and an expanding consumer market can lead to price fluctuations as well as enduring demand.

Based on current market trends and price movements, Shib appears to be signaling a bullish outlook. Nevertheless, potential investors ought to exercise caution due to its past volatile behavior and sensitivity to wider market moods.

Should Shib maintain its current trajectory and surpass a significant weekly peak, it’s plausible that the bullish trend will persist further.

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2024-07-14 10:15