Shiba Inu Rally at Risk as On-Chain Data Shows Mounting Selling Pressure
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Shiba Inu price rallied in October, but recent on-chain data shows 2 trillion SHIB tokens moved to exchanges, signaling potential selling pressure ahead.
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Long-term SHIB holders have started taking profits, according to the rising Age Consumed metric. This could limit further upside.
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SHIB currently trades around $0.000008. But on-chain data suggests the price could retrace to $0.000006 support level where many buyers had previously entered.
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For continued upside, SHIB needs to reclaim the $0.00001 level. But a large group of investors may take profits there, leading to a correction.
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Upside beyond $0.00001 looks limited currently, with resistance around $0.000014 where more sellers lie in wait.