Shiba Inu’s (SHIB) price has been following the broader market trends, resulting in daily red candlesticks. This drawdown has caused significant losses for investors in this meme coin. The price of Shiba Inu has dropped by almost 40%, leading to unexpected and substantial damages. The decline has resulted in billions of dollars in losses for SHIB holders. According to the Global In/Out of the Money (GIOM) indicator, around 424 trillion SHIB, valued at over $7.3 billion, has moved into losses. This supply was purchased between $0.00001700 and $0.00001900, and as the meme coin continued to fall, it dragged down this supply along with another 190 trillion SHIB into bearing losses.
Despite the losses, the investors in Shiba Inu are not giving up and are determined to reclaim their profits. The Mean Coin Age (MCA) indicator shows that the average age of all coins in the network, reflecting the time since they were last moved, is on the rise. A higher mean coin age usually indicates a trend of holding, while a lower age implies increased trading activity. Since SHIB is maintaining an upward trend, it suggests that meme coin investors are holding onto their assets for the time being. This conviction-based holding strategy could potentially allow for a recovery in the future.
Looking ahead, Shiba Inu’s price is expected to experience some consolidation in the coming days. However, any potential surge in price is likely to be limited by the resistance level at $0.00002093. The altcoin has previously tested this level as a support floor multiple times, just above the key price level of $0.00002000. In order to breach this resistance level, SHIB will require strong bullish signals from the market. On the flip side, if the downward trend continues, the meme coin could potentially drop to $0.00001473, which marks a critical support point for Shiba Inu’s price. Breaking below this level could invalidate any bullish or neutral predictions.
Overall, the current situation for Shiba Inu is giving mixed signals. While there have been significant losses for investors, there is still optimism among meme coin holders who are determined to recover their profits. The rise in Mean Coin Age indicates that investors are holding onto their assets with conviction, which could potentially lead to a recovery in the future. However, the price prediction for SHIB suggests that there may be some consolidation in the near term, with resistance levels potentially limiting any significant price surges. Investors will need to closely monitor the market cues and be prepared for potential fluctuations in Shiba Inu’s price in the coming days.
