The tussle between the bears and the bulls over SHIB is evident on the token as it establishes lower highs and higher lows. The token was set to embark on a bullish breakout before the US inflation report negatively impacted the global markets with additional pressure on the digital assets. SHIB price might correct further and trade at about $0.00004555 as the 7-day RSI trades in the overbought region and the tailwinds are starting to fade.

Bulls Are Losing Grip Of SHIB

Following Wednesday’s US inflation report, the bulls started losing control of the SHIB price in their attempts to push it over the 7-day pivot level of $0.00005434. The red descending line capped the SHIB price upside momentum, which made it start dipping. SHIB price continues to bounce around the $0.00005001 range as the green trend line is being established gradually.

If the 7-day pivot cannot keep the price over the $0.00005434 range, SHIB is likely to keep dipping. Hence, its next support will be around the $0.00004505 range. If the market remains unfavorable and the decline goes further, the next support will be $0.00003538. If SHIB price dips to this level, it will coincide with the high established early this month and a low created late last month.

SHIB/USD 7-day chart. Source: TradingView

However, if the market sentiment becomes favorable and bulls can push back the RSI in the overbought region, SHIB price might continue a bullish run towards the $0.00007555 level. Also, if the bulls’ trade volume keeps rising and further breaks over the red descending line, SHIB might be on its way to retest its previous peak price of $0.00008863.

Over 70% Of SHIB Holders Have Made Gains 

An IntoTheBlock data revealed that over 70% of SHIB holders are in profits already at the token’s current price as of this writing. The data further revealed that those not making profits are those that might have bought the coin when it started declining from its peak price. The best way buyers earn profits is to buy any token at a low price and sell when the token rises in value.

Based on the SHIB token distribution, the early investors would essentially control the token’s supply. The data estimated that whales’ SHIB holdings should be at about 79%. However, these large holders are often alleged to have too much control over the upward or downward direction of the asset. Shiba Inu’s growth and popularity in recent weeks have been a primary reason why many early investors are making profits. 

For the same reasons, some investors recently purchased their SHIB tokens as they hope to enjoy massive ROI from the token’s price action. For context, Shiba Inu’s has grown by 110% in the last 30 days, with the number of its wallet holders increasing by 32% within the same period. Generally, SHIB’s growth in these past few weeks has been fueled by its listing on Coinbase. Twenty-four hours after its listing on Coinbase, $880m was invested in the cryptocurrency.