Technical analysis of Shiba Inu (SHIB) points to positive trends, including an increase in active users and a breakout above key resistance levels.
Analyzing Ichimoku Cloud for Shiba Inu Coin
At the time of writing, SHIB was trading at $0.00001351, above the daily Ichimoku Cloud, indicating a bullish trend. The Ichimoku Cloud helps identify trend direction, support, and resistance levels. Prices above the cloud signal upward momentum, while below indicates a bearish trend. The cloud is transitioning from red to green near the current price level, supporting the idea of a potential trend reversal, confirmed by a 2.05% increase over the past 24 hours. Support is at $0.00001254, with resistance at $0.00001375. Ichimoku parameters and the observed crossover support bullish momentum.
Spike in SHIB Daily Active Addresses
Additionally, there has been an increase in daily active addresses on the Shiba Inu blockchain. Data shows a 21.43% surge in active addresses over the last 24 hours, with 5,333 new wallets created. This increase in active addresses indicates a fresh capital inflow and growing participation from new users in the Shiba Inu ecosystem. Daily active addresses correlate with price activity: their increase often precedes price upward movement.
Can SHIB Price Rally to $0.00003?
Over the past week, Shiba Inu's price has increased by over 14%, showing above-average performance. However, trading volume was relatively low, increasing by 3.4%. To maintain bullish momentum, SHIB must stay above the current resistance level of $0.00001375. Given the positive indicators of Ichimoku and Coppock Curve, a move between $0.000015 and $0.000020 is more likely. If the trend continues and trading volume accelerates, SHIB could rise towards $0.00003.
Overall, current technical indicators and the rise in address activity suggest potential strengthening for Shiba Inu. Market participants continue to monitor developments closely.
