Shiba Inu (SHIB) Price Gets Ready for a Possible Market Shift as Key Addresses Move into Profitable Zones

With the help of profitability metrics and on-chain data, Shiba Inu is getting ready for a possible market shift. As key addresses move into profitable zones

Shiba Inu [SHIB] might be preparing for a market pivot, aided by profitability metrics and on-chain data. As key addresses move into profitable zones, 74 trillion SHIB is set to become active, potentially leading to a significant directional shift in the token’s price dynamics.

Let’s examine the data and its implications for SHIB’s future.

Active addresses and profitability metrics

A high degree of investor profitability was indicated by recent data, with 62% of SHIB holders being in the money. This translates into rising market confidence, especially as price levels increase and active addresses become more engaged.

A high profitability ratio serves as a support mechanism, reducing selling pressure and stabilizing the price. It also makes profit-taking more likely, especially if SHIB continues its upward trajectory.

Technical analysis of SHIB’s price chart revealed the formation of a bullish triangle, with a recent breakout above the $0.000026 resistance level. This breakout signaled strong bullish momentum, suggesting that SHIB might be eyeing the next resistance level, which is around $0.000030. If the asset maintains its momentum, even higher targets could be achieved.

However, the 200-day moving average continues to serve as a critical support level at $0.000022. If SHIB fails to maintain above this level, it could return to a consolidation phase, reversing the current bullish narrative.

The market’s perception of SHIB remained largely bullish, bolstered by large transactions coming in at over $1.03 billion in the past week.