“Shiba Inu (SHIB) is finally done!”

Shiba Inu (SHIB), which lagged behind Dogecoin (DOGE) in the memecoin supercycle, has ended its downtrend, signaling a potential rally.

Current price analysis and on-chain metrics show that the #SHIB price has broken out of a long-standing downtrend. $SHIB is attempting to break out of a potential resistance point of $0.000025 after months of consolidation.

According to an analysis by UToday, a major rally could begin if the SHIB price breaks $0.000025.

Shiba Inu (SHIB) analysis

Shibarium, the layer-2 blockchain for Shiba Inu (SHIB), broke a new record by recording over half a billion transactions last week. Shibarium, which attracts new users, has become a ray of hope for SHIB investors.

SHIB, which increased its trading volume due to the effect of the memecoin supercycle, rose above the 50-day and 200-day exponential moving averages (EMAs). The data in question was interpreted as a bullish signal.

According to UToday's analysis, SHIB needs to overcome the $ 0.00003 resistance before starting a major rally. The analysis included the following statements:

“The bullish expectation is supported by the latest on-chain data. It is clearly seen that large wallets holding SHIB made $ 2.69 billion in transactions last week. In addition, 61 percent of SHIB holders are profitable at current levels, which could encourage additional accumulation.”

On the other hand, the analysis warned that profitable wallets could create selling pressure if the SHIB price increases rapidly. The fact that whales hold 73 percent of the total SHIB supply indicates that the popular memecoin may face price volatility. If the SHIB price pulls back to support levels, whales could sell heavily.

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