Shiba Inu Price Poised for 46% Rally as Holders Remain Bullish

Shiba Inu, a popular meme coin, has recently gained significant attention from traders, with its price hovering around $0.00001364. This price point sets up a bullish scenario targeting $0.00002000, indicating a potential 46% rally. The bullish outlook is supported by several on-chain metrics and chart patterns, suggesting that the coin may be poised for a substantial price increase.

One of the key indicators supporting this bullish outlook is the Age Consumed metric, which tracks the movement of older coins. Currently, this metric remains near cycle lows, indicating that long-term holders of SHIB are not selling into the rally. Historically, spikes in Age Consumed have coincided with price tops, as seen during the late 2024 peak. The absence of such spikes suggests that this rally may have more room to grow, as long-term holders are not panicking and continue to hold their positions.

Another positive signal is the increasing number of SHIB holders. The holder chart shows a clear upward trend, with the total number of holders reaching 1.52 million wallets. This steady climb began after the November 2024 price peak and has not reversed, indicating that new holders are entering the market and expecting the coin price to rise. This growing base of support under current prices creates a strong foundation for further price increases.

The price action of Shiba Inu also supports the bullish scenario. The Fibonacci extension tool, drawn from the $0.00001180 swing low to the $0.00001747 high and then to the retraced level of $0.00001005, highlights multiple key resistance levels. SHIB price is currently testing the $0.00001376 mark, just above the key 0.382 retracement level. If bulls manage to hold above $0.00001320 and push past $0.00001463 and $0.00001588, the next big zone to watch is $0.00001747. Beyond that, a key resistance level of $0.000020 comes into the picture, with the 1.618 Fibonacci extension at $0.000022 also coming into play.

However, the bullish scenario could be invalidated if SHIB fails to hold above $0.00001288, a key support from past retracements. A further drop below $0.00001180, the strong bullish engulfing candle from early July, would signal that the rally is likely over. Additionally, if Age Consumed begins to spike, it would suggest long-term holders are finally moving their coins, weakening the bullish thesis. But for now, with Age Consumed low, more wallets entering the ecosystem, and Fibonacci targets aligning, Shiba Inu price looks poised for the next leg up.