The meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a remarkable resurgence over the past week, with the price hitting new 2-month highs. SHIB has increased 19% over the last 7 days and has spent 7 of the last 8 days trading in the green.
Keypoints
- SHIB price increased 24% from its October 21 low and rebounded after validating key support.
- TD Sequential indicator flashed a major bullish signal for SHIB, which has preceded big surges of 118% and 71% in the past.
- If the bullish signal holds true, SHIB could potentially climb as high as 125% from current levels to $0.000018.
- For a full bullish breakout, SHIB needs to break past descending resistance at $0.0000092.
- Profitable SHIB addresses increased from 3% to 20% amid the positive price action.
According to data from IntoTheBlock, the total number of SHIB addresses has now reached an all-time high of 3.63 million, pointing to growing adoption and interest in the token. The share of profitable SHIB addresses has also spiked from 3% to 20% amidst the positive price action.
SHIB hit a recent high of $0.000082 on October 26th, recovering 24% from its October 21st low. This rebound came after SHIB held above key support levels, validating its strength. The bullishness was further confirmed by the TD Sequential indicator flashing a buy signal on SHIB’s weekly chart, which has preceded massive rallies of 118% and 71% in the past.
#ShibaInu | The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.
Given the infrequency yet precision of such signals, it’s a pivotal moment to keep a keen eye… pic.twitter.com/uwdWbSWFZw
— Ali (@ali_charts) October 25, 2023
The token has now broken past the important daily moving average of 50, with price currently trading between the 50 and 200-day MAs. A decisive break above the 200-day MA at $0.00000828 could spark the next leg up for SHIB, opening the door for a push towards $0.00001 and higher.
Beyond price, there are also positive fundamental developments underway for the Shiba Inu ecosystem. Activity on the Layer-2 Shibarium protocol spiked significantly, with transactions jumping 5x from 12,690 to 62,570 day-over-day. This indicates strong usage growth as Shibarium aims to boost scaling and reduce gas fees.
With bullish technicals, surging adoption metrics, and fundamental improvements, Shiba Inu seems poised for a sustained recovery rally. The crypto dog token could very well be barking its way back towards its all-time high if the current momentum holds.
Traders and investors alike will be closely watching to see if SHIB can break key overhead resistance levels and validate its comeback.
The post Shiba Inu: SHIB Price Surges As Bullish Momentum Builds appeared first on Blockonomi.