Shiba Inu (SHIB) is at a pivotal juncture, attempting to break out of a persistent downtrend that has troubled the meme coin for over two months. Despite the market's bearish tendencies, SHIB investors are showing signs of hope, evidenced by a noticeable decline in active deposits. This metric, representing the number of unique addresses transferring SHIB to exchanges, has reached a two-month low, indicating reduced selling pressure. Additionally, the shift from short-term to mid-term holders suggests a growing investor confidence, potentially setting the stage for a bullish reversal. This scenario is contingent on SHIB's ability to breach critical resistance levels and convert them into support, a movement that could ignite a significant rally.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
