SHIB is accumulating a bullish momentum after rejecting a key support level.
- SHIB surged by 7.56% since rejecting the $0.00001270 support level in the last 24 hours. Metrics and market signals indicate a further bullish rally is likely.
Shiba Inu [SHIB] has witnessed a bully rally recently. SHIB’s price rejected the bullish flag support level at around $0.00001270. Since rejecting this support on 5th July, SHIB has rallied by a significant 31% to its current price.
As of writing, Shiba Inu’s price has surged by 7.56% in the last 24 hours, approaching last week’s local high. CoinMarketCap priced it at $0.00001698 with a market capitalization of $10 billion.
Source: Tradingview
This building bullish momentum suggests buyers are stepping in with confidence. However, SHIB has to close above the weekly high to confirm a longer-term uptrend.
Metrics paint a bullish picture for SHIB
AMBCrypto’s analysis of IntoTheBlock data indicates several positive metrics for SHIB bulls. 49% of its holders are “in the money” at the current price, while only 47% are “out of the money.”
This relatively balanced positioning reduces the risk of mass profit-taking that could stall the bullish rally.
To add to the aforementioned, whales control a significant 73% of SHIB. This high concentration could amplify price moves in either direction, depending on whale behavior.
Source: IntoTheBlock
Interestingly, Shiba Inu maintains a strong 0.84 price correlation with Bitcoin. This suggests it could correlate with any broader crypto market rallies steered by BTC.
As of our analysis of IntotheBlock’s growth data, the “In the Money” indicator stands at 2.11% bullish while network growth remains neutral at 0.19%. This bid-ask volume imbalance indicates a strongly bullish 82.02%, indicating aggressive buying pressure.
Investor sentiment and token distribution
We further analyzed IntoTheBlock’s concentration data for SHIB to access the market distribution. SHIB’s holder composition indicates a ‘’wait and see’’ investor base, with 77% of addresses holding for more than 12 months.
This long-term outlook could provide price stability and reduce selling pressure during rallies.
The token distribution between whales and retail investors shows an interesting distribution. While only seven whale addresses control 59.65% of SHIB tokens, there are 44 active investor addresses holding 13.52%.
This mix of large holders and a growing retail base could drive both volatility and sustained interest.
Source: IntoTheBlock
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The recent price rallies and metrics paint a bullish signal for SHIB. However, investors should remain cautious given its historical volatility and dependence on broader market sentiment.
If SHIB can maintain its momentum and break through a key weekly high, we could see a continuation of this bullish trend.
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