Shiba Inu (SHIB) continues to show upward momentum after recovering above the $0.000013 level, with increasing trading volume and investor activity. Analysts note that the cryptocurrency may be aiming for new targets in the market.
SHIB Approaches Breakout Levels
Analysis from CryptoELITES indicates that Shiba Inu is in a favorable buy zone. The report suggests a potential price increase of 14% to 17% if the current momentum holds. As of April 23, SHIB is trading above $0.00001350 and maintains positions above the 50-day exponential moving average.
Technical Indicators Support Uptrend
The Relative Strength Index (RSI) is steady near 54, indicating further upward potential without entering overbought conditions. Analyst Ali Martinez noted a buy signal on the TD Sequential market indicator, which may indicate a possible trend reversal. A double-bottom pattern is forming, the confirmation of which could lead to a rally towards $0.00002217.
Long-Term Holders Increase Their Stake
Data from IntoTheBlock shows a 2.07% increase in wallets holding SHIB for over a year, indicating a shift towards long-term accumulation. The state of Bitcoin, trading above $94,000, also impacts SHIB's growth, and analysts are closely monitoring further movements.
Shiba Inu continues to gain popularity, showing attractive levels for investors. The increase in interest from long-term holders may signal further growth potential if the overall market condition remains stable.