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.
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.
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.
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.
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