On-Chain Metrics Suggest Shiba Inu (SHIB) Price Is Set to Soar by 42%

2024-4-8 22:50

Shiba Inu (SHIB) price is close to breaking out of a bullish pattern that could send the meme coin shooting up on the charts.

Indeed, holders are beginning to exhibit conviction, which could propel SHIB to new year-to-date highs.

Shiba Inu Investors’ Conviction Grows

Shiba Inu’s price is on the verge of a bullish breakout, and by the looks of it, investors are acting more and more optimistic. This is visible from the decline in the active SHIB deposits.

This metric measures the daily transfers of tokens from investors to the exchanges, suggesting bearishness in case of inclines and bullishness during declines. The case with SHIB is the latter, further substantiated by the supply movement between addresses.

Shiba Inu Active Deposits. Source: Santiment

Currently, more and more SHIB tokens are changing hands from short-term investors to long-term holders. The former holds an asset for less than a month, while the latter is known to hold its supply for one to 12 months.

This shift from short to long-term holders is considered a bullish development since the supply will likely be held for a longer period and will not be sold. It also highlights increasing conviction among the meme coin investors, which, in extension, helps with price rises.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Shiba Inu Supply Distribution. Source: IntoTheBlock SHIB Price Prediction: A 42% Breakout

Shiba Inu’s price trading at $0.00002852 is close to breaking out of the symmetrical triangle pattern. Such a pattern is formed when two converging trend lines meet, indicating a period of indecision in the market.

In the case of SHIB, a breakout would potentially result in a 42% rally. According to the pattern, the altcoin would reach the target set at $0.00004205.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

SHIB Price Chart. Source: TradingView

However, if this breach fails and bearish woes dominate the cryptocurrency, SHIB could fall through the pattern. This would result in the Shiba Inu price losing the support of $0.00002584. Further declining to $0.00002268 would invalidate the bullish thesis.

The post On-Chain Metrics Suggest Shiba Inu (SHIB) Price Is Set to Soar by 42% appeared first on BeInCrypto.

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