The post Shiba Inu Coin Tests Key Support, Recovery Possible? appeared on BitcoinEthereumNews.com.

Can Shiba Inu coin bulls catch a break especially now that the market has demonstrated some “liberation day” excitement? On-chain stats signal that long term holders are still holding on to majority of the SHIB tokens in circulation. According to recent IntoTheBlock data, long term holders (that have held for more than 1 year) currently hold more than 80% of the meme coin’s circulating supply. Source: X Shiba Inu balances by time held reveal that long term holders have been accumulating on the way down. HODLer balances grew from 703.55 trillion SHIB on 6 January to 787.58 trillion SHIB as of the end of March. Shiba Inu balances by time held/ source: IntoTheBlock Cruisers (holding for a period of 1 month to 12 months) had their balances down from 220.22 trillion coins to 176.41 trillion during the same period. Trader balances were down from 60.55 trillion to 20.51 trillion coins. Can Shiba Inu Coin Escape This Critical Support Zone? Bearish conditions in March saw Shiba Inu extend its decline by as much as 67% from its December high. It also resulted in some sideways price action and most importantly, a retest of a key support level near the $0.000012 range. The support retest suggests that SHIB has a chance at significant recovery from the same price zone if conditions allow. However, a slip below this support level could see price extend its decline some more. SHIB achieved a 7% upside in the first 2 days of April, giving rise to hopes of more upside. Especially now that on-chain data demonstrated significant accumulation. Source: CryptoQuant Shiba Inu’s RSI also suggests that the bulls have been attempting to find a proper footing to push prices back up. However, whale activity confirmed that outflows were dominant over the last few weeks in line…

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Filed under: News - @ April 3, 2025 2:22 pm