Shiba Inu Shows Signs of Recovery,But September Losses Loom
Seoul,South Korea – shiba Inu (SHIB) is currently attempting to establish $0.00001285 as firm support, signaling a potential recovery from losses incurred in September, according to recent analysis. Despite ongoing macroeconomic headwinds, data suggests a stable underlying momentum driven by long-term investor behavior.
The potential for a full recovery hinges on SHIB regaining lost ground – currently 11% separates the meme coin from fully reversing the 18% decline experienced in September. This comes as data from Glassnode‘s HODL Caves indicators reveals that a significant portion of SHIB investors remain unprofitable,with intermediate returns for addresses holding SHIB currently at 0.85x. This suggests these mid- and long-term holders are likely to continue holding rather than selling, reducing downward price pressure and bolstering the foundation for a gradual rebound.
To complete this recovery, SHIB must surpass resistance levels at $0.00001336 and $0.00001391 to reach $0.00001428. Increasing new addresses and limited selling activity could facilitate achieving this goal.
Though, analysts warn that a shift in market sentiment could expose SHIB to risk. A drop below the $0.00001209 support line could trigger further losses, potentially pulling the price down to $0.00001161 and negating the current upward trend.
