Shiba Inu Climbs to 9-Month High, Bolstered by Long-Term Holder Support

Shiba Inu (SHIB) has experienced a notable price surge since mid-September, steadily climbing to a 9-month high. 

While the meme coin has largely stayed under the radar, various factors are now placing it in the spotlight. The backing of long-term holders (LTHs) is fueling SHIB’s momentum. 

Shiba Inu Has Support

A recent move by the US government regarding Shiba Inu has drawn attention to the coin despite the amount being relatively small. The government sold SHIB tokens that were seized as part of the funds from the FTX Alameda scandal. 

The total value of SHIB sold was $1.5 million, but the simple action of moving the tokens caused a stir in the market. The news sparked interest and placed SHIB on the radar of crypto enthusiasts and investors.

Shiba Inu Moved. Source: Arkham

The macro momentum behind Shiba Inu has also strengthened, as indicated by the MVRV (Market Value to Realized Value) Long/Short Difference. This metric reveals that SHIB has significant support from long-term holders (LTHs). Positive MVRV values suggest that these investors are in profit, and since they tend to hold rather than sell their positions, their support is crucial for SHIB’s price stability. 

Long-term holders’ commitment implies that SHIB’s recent price increase is not just a short-term spike but could be part of a sustained upward trend. The LTH support for Shiba Inu is a critical factor in determining the coin’s future price trajectory. As long as long-term holders continue to see gains, the likelihood of a substantial sell-off remains low.

Shiba Inu MVRV Long/Short Ratio. Source:  Santiment

SHIB Price Prediction: Facing Barriers

Shiba Inu (SHIB) has seen a 10% price increase in the last 24 hours, reaching $0.00003169. This surge has propelled SHIB to a nine-month high, generating renewed interest from investors.

SHIB’s price action indicates that it could potentially break the key resistance level of $0.00003515. A sustained move above this resistance would set the stage for new price targets and potential growth.

Shiba Inu Price Analysis. Source:  TradingView

However, if SHIB loses its current support level at $0.00002976, a decline to the next support zone of $0.00002267 becomes more likely. Such a drop would negate the bullish sentiment.