Shiba Inu (SHIB) Price Prediction: Weak holders exit trades, bullish divergence supports challenge at 0.00001587 USD

The price of Shiba Inu (SHIB) has fallen in the short-term, currently reported at 0.00001393 USD during the Asian early session today (24). On-chain indicators suggest that weak holders are exiting at breakeven rather than taking large profits on the pullback. Technical Analysis states that bullish divergence supports the continuation of long positions, with a target increase of 0.00001587 USD.

SHIB price continues to rise slightly, but a wave is constantly pulling it back. To determine whether this trend can continue, it is necessary to understand whether holders are really cashing out and whether market momentum is strengthening.

SOPR flat, as weak holders exit at break-even or lower levels

Profit pullbacks usually hinder price increases, so the "Spent Output Profit Ratio" (SOPR) is important here. SOPR shows whether the tokens sold on-chain are at a profit (>1) or at a loss (<1).

Several weeks after breaking below that line, the current value is about 1.0. On April 30, when the price approached $0.00001327, the SOPR dropped to about 0.72. Subsequently, the price rose by about 28%, reaching around $0.00001700, while the SOPR pulled back to 1.0.

On June 16, SOPR further fell to around 0.69, with the price close to 0.00001188 USD. Subsequently, the price rose by about 30% to approximately 0.00001546 USD, and SOPR approached 1.0 again. The SOPR of SHIB fell to 0.83 again two days ago. The corresponding price increase potential remains to be observed.

Data shows that the consumed tokens are close to break-even or in a loss state, with little profit. Although the price is rising, this indicates that weaker participants are quietly exiting, leading to reduced supply above.

Historically, real pullbacks began when SOPR clearly broke through 1.0, while prices remained stagnant. This situation has not yet occurred.

(Source: Glassnode)

RSI shows buyers gaining strength beneath the surface

The trend requires momentum to continue, so we need to check the Relative Strength Index (RSI) next.

The RSI measures the strength of recent price movements on a scale of 0-100. Since mid-June, the daily RSI highs have shown a slight increase, while the price highs have declined. This bullish divergence indicates that the momentum is improving faster than the price.

Although the RSI divergence is small, it suggests a growth momentum, favorable for Shiba Inu price trends.

This means that even if the price has not yet broken through, the strength of buyers is increasing. If the RSI continues to rise and the price also rises accordingly, the likelihood of a breakout will increase. If the RSI falls while the price remains stagnant, the trend may pause.

(Source: Trading View)

Shiba Inu price level determines whether to open the 45% target

It requires some levels to confirm what the indicators suggest. The main resistance is at 0.00001587 USD, a level that has been rejecting the price of Shiba Inu for some time.

If the daily closing price is above 0.00001587 USD, the SHIB price may rise to 0.00001746 USD (approximately a 16% increase), and then continue to rise to 0.000022 USD (approximately a 45% increase). However, the SHIB price still needs to break through the psychological resistance level of 0.000020 USD in order to continue rising, which has already increased by 33% at this level.

It is worth noting that once the Shiba Inu price breaks through 0.00001746 USD, there will not be many technical resistance levels.

On the downside, $0.00001463 is the first level that needs to be defended, followed by $0.00001375, which is the 0.5 Fibonacci level. If the price falls below these levels and the SOPR rises above 1.0, the bullish outlook will quickly weaken. This indicates that profit-taking sellers have finally entered the market.

The use of Fibonacci extension levels is because they mark common retracement and target areas where traders take action.

(Source: Trading View)