Shiba Inu (SHIB) Investors See Profits Despite Stagnant Price, See Resistance Ahead

Shiba Inu (SHIB) has seen significant price action recently, though it has struggled to break past a crucial resistance level. Despite the lack of sharp gains, investor confidence remains high.

Shiba Inu (SHIB) has seen a massive influx of investors over the past five days, evident in the rapid accumulation of the meme coin. However, SHIB price action has been largely stagnant despite the buying pressure.

According to data from Santiment, a crypto analytics firm, a total of 4 trillion SHIB, valued at over $115 million at current prices, have been withdrawn from exchanges. This significant reduction in available supply on exchanges indicates that investors are actively buying and holding SHIB, despite its lack of sharp price gains.

Shiba Inu Investors Bet Big on Future Price Hike

The sustained accumulation of SHIB is largely attributed to investors’ optimism regarding the token's future price performance. Despite SHIB’s inability to break past crucial resistance levels, which has left some traders feeling impatient, investors remain unfazed.

This resilience stems from the belief that market conditions will eventually favor SHIB, enabling it to break out of its stagnation and experience the much-anticipated price surge. Notably, the continuous accumulation of SHIB showcases investor confidence in the meme coin, especially considering the broader market, which is yet to deliver sharp, sustained price gains.

Shiba Inu Price Analysis: Key Resistance Levels

Technical analysis indicates that SHIB price faces immediate resistance at the $0.00002976 level. The altcoin will attempt to push past this resistance to recover the 15% losses incurred this week.

If momentum builds, SHIB could regain its earlier levels, aiming for the next resistance at $0.00003306. This would signify a significant recovery for the meme coin.

However, given the current market sentiment and the activity of long-term holders, there is a possibility for Shiba Inu to break through the $0.00003306 resistance.

If this occurs, the altcoin could continue its rally, aiming for the next resistance at $0.00003515. This would indicate increasing investor confidence and a more sustained upward trend for SHIB in the near term.

Conversely, failure to break the $0.00002976 resistance could trigger a bearish reversal for SHIB.

If the price drops below this level, the altcoin might fall to the next support at $0.00002606. A further decline beneath this threshold would invalidate the bullish outlook, signaling a deeper correction and extended losses for Shiba Inu.