The Shiba Inu price has remained largely stagnant over the past month. Accordingly, it remained in the narrow range between 0.00000700 and 0.00000800 dollars. This prolonged lack of significant movement is striking. Additionally, this situation harms investors. 90% of all addresses witness losses. Accordingly, it points to the highest level since May 2021.
Difficulty of price movement
Currently trading at $0.00000729, Shiba Inu is struggling to break out of its recent trading range. The cryptocurrency is predominantly hovering near the lower end of the range, around $0.00000699. Accordingly, this raises concerns about a potential breach of the important support level. The Relative Strength Index (RSI) shows that bullish momentum is not enough to push the Shiba Inu into positive territory above the 50.0 neutral mark. The RSI’s shift to a supporting role indicates a price recovery on the horizon. But this makes it an important indicator to watch.
However, failure to maintain the said support level will drop the Shiba Inu price down to $0.00000656. This will bring SHIB in line with year-to-date lows. Exceeding this level will herald a new low for 2023.
Hope amid the recession
The odds seem stacked against the Shiba Inu. But there is a glimmer of hope that investors can rally to breathe new life into the altcoin. If investors come together to support Shiba Inu’s prospects, a potential rise to $0.00000800 will occur. Such a move would also enable the altcoin to reclaim the 50-day Exponential Moving Average (EMA) support and recoup the losses experienced over the past month.
On-chain indicators paint a less optimistic picture. Because investors currently lack significant incentives to drive bullish sentiment. The concentration of investors facing losses increased last month. Accordingly, more than 88% of all SHIB holders have been underwater since May 2021, a level not seen for nearly 28 months. This increase in loss-making investors indicates that optimism is decreasing and pessimism is increasing.
Shiba Inu supply dynamics change
The change in supply dynamics further underlines this trend. Whales continue to dominate the SHIB market. Additionally, retail investors have significantly reduced their SHIB holdings in recent days. Whales currently hold a significant 63.5% of the total circulating supply, equivalent to 623 trillion SHIB, as individual investors have disposed of approximately 8 trillion SHIB worth $60 million.
In light of these dynamics, the fate of the Shiba Inu price recovery largely lies in the hands of whale investors. Their influence on the market will be instrumental in charting a path towards the revival of the meme coin.
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