- The Shiba Inu ecosystem’s native token SHIB is displaying a bullish momentum.
- In the past 72 hours, the meme coin has recorded consecutive higher lows in its daily chart.
- Existing selling pressure seems to be hampering SHIB’s movement to the upside.
The Shiba Inu ecosystem’s native token SHIB is displaying a bullish momentum. In the past 72 hours, the meme coin has recorded consecutive higher lows in its daily chart, according to data from the leading crypto portfolio manager, CoinStats.app. However, the attempted SHIB uptrend is facing resistance due to the status of most SHIB wallet holders with the price.
Although it all looks promising for SHIB from a technical perspective, the existing selling pressure seems to hamper its movement to the upside. Data from the crypto market intelligence platform IntoTheBlock shows that nearly 94% of SHIB holders are running at a loss at the current price. The analytics platform also reveals that only 3.52% are on unrealized profit, while 2.84% are currently in profit.
SHIB’s bullish bias suggests an attempted recovery from a 15% drop, which the flagship meme coin experienced in August. The price drop confirmed SHIB’s rollercoaster behavior for last month after the crypto token recorded an initial 33.2% rally. It lost all the gains in August after dropping from a $0.00001134 monthly high to a monthly low of $0.00000736.
With the latest rebound, SHIB’s price has risen by more than 5% in the past 72 hours, according to data from CoinStats.app. SHIB could achieve an initial 10% profit target if it sustains the newly found momentum. That momentum could push the price to the closest resistance around the $0.00000800 price.
Breaking above the $0.00000800 price region could see SHIB push higher toward $0.00000850, over which the meme coin’s price could find a free pass to higher levels. If SHIB overcomes this level, a bull run could see it retest the August monthly highs at $0.00001134.