Technical analysis of Shiba Inu (SHIB) indicates a strong bullish trend for this memecoin. A highlight is that SHIB has surpassed key resistance levels and entered the cloud region of the Ichimoku Cloud indicator on the daily chart, a clear signal for growth.
Investors are currently paying close attention, monitoring whether this upward momentum can be sustained and whether SHIB can reach the price of 0.00003 USD in the near future.
Explore the growth trend of SHIB
Latest data shows that SHIB is trading at 0.000013 USD and is within the cloud of the Ichimoku Cloud indicator on the daily chart – a clear sign of a bullish trend.
The Ichimoku Cloud is a powerful technical analysis tool that helps identify market trends, support and resistance levels, and momentum. This tool consists of five lines, with two lines forming a 'cloud.' When the price trades within the cloud, it signals a bullish trend, while a price below the cloud indicates a bearish trend.
For Shiba Inu, the cloud is shifting from red to green just near the current price, reinforcing the hypothesis of a potential trend reversal. This is also a strong signal indicating that SHIB is in an upward trend, similar to the 2.05% increase in the last 24 hours.
SHIB has currently established a support level at 0.0000125 USD and a resistance level at 0.0000137 USD. The bullish crossover and the transition from the red cloud to the green provide a solid foundation for the upward trend.
Additionally, the Coppock Curve is currently at 21.14, indicating a strong upward momentum. This is a momentum indicator predicting long-term bullish trends, suggesting that SHIB's price may have bottomed out and is entering a phase of sustainable growth.
The Coppock Curve is an ideal tool for identifying buying opportunities in growth markets. This indicator is often suitable for long-term investors, and at the current price, SHIB could be an attractive option for accumulation.
In summary, signals from the Ichimoku Cloud and the Coppock Curve both support the notion that SHIB is in a short-term bullish phase. Traders may consider opening long positions, but need to exercise caution due to potential market volatility.
The daily active address count of SHIB has surged
Another notable factor is the strong increase in the number of daily active addresses on the Shiba Inu blockchain, indicating that network activity is becoming increasingly vibrant.
Data from Sentora (formerly IntoTheBlock) shows that the number of daily active addresses for SHIB has increased by 21.43% in the past 24 hours, with 5,333 new addresses created on the network. This is a clear sign of increasing user participation and also reflects new capital flowing into the Shiba Inu ecosystem.
The concept of 'daily active addresses' refers to the number of new wallets created over a specific period. This is an important metric for tracking changes in network activity, especially in the context of a cryptocurrency like SHIB.
The strong increase in the number of new wallets created is a positive indicator, signaling that capital is flowing into the market and the user community is becoming increasingly strong. This could lead to an increase in the value of SHIB, as the number of daily active addresses has a direct correlation with price volatility. When the number of active addresses increases, prices tend to rise, and vice versa.
Therefore, the number of daily active addresses is not just an indicator of increasing users, but can also be seen as an early signal of potential price movements. With the current level of activity on the Shiba Inu network, investors and experts expect the price of SHIB to continue to grow strongly in the near future.
Can SHIB reach 0.00003 USD?
In the past seven days, the value of Shiba Inu has increased by over 15%, showcasing superior performance compared to many other cryptocurrencies. This is a strong signal about the growth potential of this memecoin.
Although there has been a 3.4% increase in daily trading volume, which indicates a positive signal for buyers, the current trading volume is still not large enough to confirm a strong upward trend. To maintain this upward trend, SHIB needs to break through and hold above the current resistance level of 0.0000137 USD.
Technical indicators such as the Ichimoku Cloud and the Coppock Curve are both showing a positive upward trend. Accordingly, the likelihood that SHIB's price will move between 0.000015 USD and 0.00002 USD in the near future is quite high. If this trend continues and trading volume accelerates, reaching 0.00003 USD in the long term is entirely feasible.
One factor that cannot be overlooked is the strong deflationary move in the Shiba Inu ecosystem. Recently, the community transferred 9,551,523 SHIB into a dead wallet, reducing the total supply. This is a significant factor contributing to pushing the price of this memecoin higher, as the reduction in supply can create upward price pressure.
With supporting technical factors, increased activity, and a deflationary move, SHIB has the potential to continue its upward trend in the near future. However, to reach the level of 0.00003 USD, trading volume needs to increase, along with stability above key resistance levels. If the current trend continues, SHIB's price could reach this target in the long term.