What’s Next for SHIB’s Price?
According to on-chain data, the average hold time for Shiba Inu (SHIB) is currently 2.8 years. According to data provided by Sentora (previously IntoTheBlock), the “Average Time Token is Held” indicator, which calculates the average holding period for a crypto asset, has indicated 2.8 years for Shiba Inu.
Shiba Inu held on average for 2.8 years out of the 5 years it has existed remains significant. This highlights an increasing trend of long-term conviction among investors, implying that the SHIB community is not just made up of short-term speculators; it is evolving into a base of seasoned holders.
This data point indicates that a sizable portion of SHIB holders have remained committed since and after the 2021 bull run and are possibly waiting for the next big breakout.
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It also indicates a decrease in short-term selling pressure, as fewer holders appear eager to cash out during modest price fluctuations. This might help stabilize the SHIB price and build the groundwork for a future rally.
What’s next for SHIB’s price?
Shiba Inu was recently trading at $0.00001588, up 4.75% in the last 24 hours to $0.00001584. Trading volume has increased by 105% since the previous day to $628 million, according to CoinMarketCap data, as traders look to profit from recent market volatility.
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Shiba Inu has climbed for six days in a row, starting July 15, overcoming $0.0000145 (which coincides with the daily SMA 200) that had held back SHIB prices since late January.
With the latest advance, the SHIB price reached an intraday high of $0.00001597, with the next target being $0.000016 to $0.000019, where a massive barrier sits.
According to IntoTheBlock, 474.9 trillion SHIB were previously bought in the range of $0.000016 and $0.000019 by 71,360 addresses at an average cost basis of $0.000017.
Shiba Inu surpassing this huge resistance range would actualize the reality of hitting $0.00002, with the potential to reach $0.00003 if bullish momentum sustains.