Shiba Inu (SHIB) risks losing 10% in August despite ongoing recovery trend.
) has jumped nearly 4.25% from its recent market low of around $28,650, driving altcoins higher alongside.From an on-chain perspective, most of Shiba Inu's richest addresses have accumulated SHIB tokens during its price rebound in the past two days.
Notably, the 100 million–1 billion SHIB address cohort has jumped modestly since Aug. 7, while the 1 billion-infinity SHIB address cohort , which holds 96.5% of the total SHIB supply in circulation is flat, as shown below.From a fractal analysis perspective, Shiba Inu is trading near levels that last prompted selloffs in the market.
Notably, SHIB price shows signs of bearish reversal after testing the $0.00001052-0.00001003 range as resistance. These signals pick further downside cues from SHIB's daily relative strength index , which treads near its overbought level of 70.Both metrics indicate exhaustion in SHIB's short-term uptrend. This suggest SHIB is at risk of falling toward $0.00000899 in August, down about 10% from current price levels. This level coincides with SHIB's ascending trendline support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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