What does Shiba Inu [SHIB] need to hit its former ATH once again

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Not sur­pris­ing­ly, Shi­ba Inu [SHIB] con­tin­ued its down­trend today. This, after hav­ing already declined by 27% over the week. Thanks to the same, the meme coin was down by 91% from its ATH back in Novem­ber 2021, at press time. 

SHIB will need to recov­er and mark a 900% ral­ly if it intends to reclaim that level.

An unlikely miracle?

With the bears pound­ing on, SHIB’s chances of recov­ery any­time soon are look­ing very bleak. Trad­ing at $0.00000795 at the time of writ­ing, Shi­ba Inu is at a point where most coins reach their dead-end. Even so, the meme coin is car­ry­ing on only because a chunk of its investors still think the cryp­to is worth it. 

How­ev­er, even they are grad­u­al­ly pulling their sup­port. Those who are mov­ing their hold­ings around, even if not sell­ing them, are fac­ing loss­es regardless. 

This month alone, trans­ac­tions saw more than 24 tril­lion SHIB worth $192 mil­lion chang­ing hands. Each of these trans­ac­tions were below the price point they were bought at.

Shi­ba Inu trans­ac­tions in loss­es | Source: San­ti­ment – AMBCrypto

Recent FOMO-induced investors weren’t alone in this as the net­work also wit­nessed sim­i­lar moves from SHIB hold­ers that have held on to their assets for more than a year. 

This can be ver­i­fied by the con­sump­tion of 3,611 tril­lion days – A con­se­quence of investors mov­ing their sup­ply around.

Shi­ba Inu LTH sell­ing | Source: San­ti­ment – AMBCrypto

Even so, among those hold­ing SHIB, 73k of them are the ones that need this ral­ly the most. Why? Well, because this cohort of investors bought their hold­ings when the meme coin was trad­ing at its all-time high price of $0.00007929.

Ergo, obvi­ous­ly, they will not be see­ing any prof­its until Shi­ba Inu climbs back up by 900% on the charts.

Shi­ba Inu all time high­ers | Source: Intothe­block – AMBCrypto

Even if investors sup­port its hike, broad­er mar­ket cues will act as a hur­dle for now. Accord­ing to the price indi­ca­tors, for instance, SHIB is cur­rent­ly in the over­sold zone. 

Shi­ba Inu price action | Source: Trad­ingView – AMBCrypto

Plus, the active down­trend as per the Par­a­bol­ic SAR is gain­ing strength. Also, the Aver­age Direc­tion­al Index (ADX) has been ris­ing above 40. 

If the same con­tin­ues, it won’t be long before SHIB extends the ral­ly need­ed to reclaim the ATH to more than 1000%.

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