Shiba Inu Network Activity Soars As SHIB Bulls Hunt Higher Support Ahead Rally Past $0.00005
- Shiba Inu fails to return to $0.000045 but is holding above $0.00004.
- The number of new and activity addresses on the SHIB network spikes is a bullish signal.
Since the weekend session, Shiba Inu has been a top for discussion in the cryptocurrency space, especially on social channels like Twitter. The meme-based coin enjoys massive support from the vibrant community, who want nothing but to see it hitting hundreds of percentages in gains every week.
Shiba Inu nearly hit $0.000045 during the weekend rally, outpacing its older ‘cousin’ Dogecoin. Despite Elon Musk sticking with DOGE and calling it the currency of the people, SHIB kept the uptrend intact. The Tesla billionaire also clarified that he did not own any SHIB tokens and the only crypto assets he currently holds are Bitcoin, Ethereum, and his favorite DOGE.
Shiba Inu Seeks Higher Support To Keep The Uptrend On Track
Following the massive upswing to areas very close to $0.000045, Shiba Inu retreated and secured support at $0.000035. An immediate reflex recoil occurred, sending the Dogecoin spinoff above $0.00004.
Nonetheless, Shiba Inu is yet to close the distance at $0.000045 but trading at $0.000041 at writing. Support at $0.00004 is expected to come in handy and aid the bulls in stopping the potential pullback to $0.000035.
Meanwhile, the MACD shows that buyers still have the upper hand, especially with the momentum following tool far above the mean line. A buy signal has also been sustained. If this technical picture remains unchanged, I expect Shiba Inu to gain traction above $0.000045 gradually.
SHIB/USD Daily Chart
It is worth mentioning that overbought conditions contributed to the pulldown of the token, as the retreating RSI. As the index drops from the overbought area, the odds favor the bears, resulting in a more extensive correction.
The token’s network activity has been on an upward roll based on on-chain data by IntoTheBlock. Realize the number of new addresses created on the Shiba Inu protocol recently spiked to roughly 29,000 while the number of active addresses per day shot up to 57,000.
Shiba Inu Network Growth Model
This increase in network activity is a bullish signal. It shows that buyers have the potential to sustain the uptrend, at least for the near term.
- SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians
- Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
