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Shiba Inu Reaches the 61.8% Fibonacci Extension Level – A Wave of Profit-Taking Could Ensue

Shiba Inu [SHIB] performed remarkably well on the price charts in January 2023. SHIB flipped Staked ETH [stETH] for the biggest holding by dollars among the top 500 Ethereum [ETH] whales. Some selling pressure was noted in the past couple of days, which sparked debate on whether the asset has reached a local top.

On-chain metrics showed that Shiba Inu could face some selling pressure as holders race to book their profits. From a technical perspective, the higher timeframe bias remained bullish.

Shiba Inu SHIB
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