Shiba Inu (SHIB) saw significant price growth, coupled with rising social activity. Such trends may indicate further strengthening of the currency.
Technical Price Analysis of Shiba Inu
In the past 24 hours, the price of Shiba Inu increased by 5.28%, reaching $0.0000136, outperforming many other meme coins. The sharp rise in social activity, confirmed by Santiment data, reached 126%, marking the highest level since January.
Potential for Growth: A Clear Uptrend
The daily chart of SHIB reveals a clear double-bottom pattern, which often precedes significant bullish moves. If current buying pressure holds, SHIB may enter a phase of growth. It needs to break through several resistance levels, particularly the 200-day Simple Moving Average (SMA) at 0.0000147.
Key Resistance Levels and Their Significance
A breakout above the 200-day SMA may confirm the optimistic expectations. An effective breakout could push the price to 0.000017, indicating confidence in upward movement. Current resistance and RSI levels also play key roles in the potential for further growth.
Overall, the price, technical signals, and increased network activity suggest that Shiba Inu may be on the brink of significant volatility. Once major resistance is overcome and retail interest continues to grow, SHIB could approach its target price of $0.000029 in the coming weeks.
