- SHIB is up 7.56% since it rejected the $0.00001270 support level in the past 24 hours.
- Metrics and market signals indicate that a further bullish rally is likely.
Shiba Inu [SHIB] has recently experienced a bullish rally. The price of SHIB rejected the bullish flag support level around $0.00001270. Since rejecting this support on July 5, SHIB has risen a significant 31% from its current price.
At the time of writing, the price of Shiba Inu is up 7.56% in the past 24 hours, approaching its local peak from last week. CoinMarketCap has pegged the price at $0.00001698 with a market cap of $10 billion.
Source: Tradingview
This building bullish momentum suggests buyers are confidently entering. However, SHIB needs to close above the weekly high to confirm a longer-term uptrend.
Metrics paint a positive picture for SHIB
AMBCrypto’s analysis of IntoTheBlock data shows that there are several positive metrics for SHIB bulls. 49% of 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 massive profit taking, which could disrupt the upward rally.
To further emphasize the above, whales control a significant 73% of SHIB. This high concentration could amplify price movements in either direction, depending on the behavior of the whales.
Source: IntoTheBlock
Interestingly, Shiba Inu maintains a strong 0.84 price correlation with Bitcoin. This suggests that it could correlate with broader crypto market rallies led by BTC.
According to our analysis of IntotheBlock growth data, the “In the Money” indicator is at 2.11% bullish, while network growth remains neutral at 0.19%. This imbalance in bid-ask volume indicates a strong bullish 82.02%, indicating aggressive buying pressure.
Investor Sentiment and Token Distribution
We further analyzed IntoTheBlock concentration data for SHIB to gain access to market distribution. The composition of SHIB’s holders indicates a ‘wait and see’ investor base, with 77% of addresses holding for more than 12 months.
This long-term outlook can provide price stability and reduce selling pressure during rallies.
The token distribution between whales and retail investors shows an interesting split. 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 create both volatility and continued interest.
Source: IntoTheBlock
Is your portfolio green? Check out the SHIB Profit Calculator
The recent price increases and statistics provide 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 a major weekly high, we can expect a continuation of this bullish trend.