Shiba Inu Will ‘Fly’ Soon, What’s Pushing The Price?
SHIBA
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By Thecoinrepublic.com
16 minutes ago
•
4 mins read
Table of Contents
Shiba Inu Price Action and Analyst Predictions
Increased Activity on the Shiba Inu Network
Long-Term Holder Behavior and Bullish Signs
Analyst GehavianGoals predicts Shiba Inu will maintain its bullish momentum, citing a key resistance rebound and strong market activity.
Meanwhile, there have been significant Shiba Inu price variations with a noticeable price increase after July 12.
The cryptocurrency witnessed a rise from as low as $0.0000129 till it touched $0.0000146. It held at $0.00001447 at press time.
A 0.83% increase was observed over the past day, against an 8.6% increase over the past week.
Riding on this wave of positive performance, analysts are saying Shiba Inu could continue its bullish run for the next couple of weeks. Where will Shiba Inu go now?
Shiba Inu Price Action and Analyst Predictions
The recent surge in SHIB’s price has garnered attention from various analysts. Analyst GehavianGoals expressed confidence in the token’s continued upward movement.
According to the analyst, Shiba Inu is set to “fly soon,” with price targets set at new highs.
The analyst pointed to the token’s rebound from a major resistance level on the weekly chart as a key catalyst for its recent price growth.
SHIB’s ability to test and reject lower prices multiple times further supports its sustained momentum.
Notably, repeatedly testing the support level of $0.000011 without breaking below it reflects resilience.
After a bounce off support, SHIB went on to challenge resistance near the peak from December 2024, though only briefly.
However, with each retest of the support level, the price has managed to rebound, a key characteristic of bullish market conditions.
GehavianGoals’ analysis suggested that a further upward movement could target a 21-month high, estimating a potential price of $0.00003352.
Increased Activity on the Shiba Inu Network
Another crucial element driving the price momentum is heightened activity levels on the Shiba Inu network.
Recent data shows a big rise in user engagement. New active addresses (NA) that interact with the SHIB network have been on an upswing to the tune of 39.95%.
This suggests that Shiba Inu is attracting more eyeballs, meaning the interaction with the token could be on the rise.
Moreover, the number of active addresses (AA) on the network has risen by 35.07%, further suggesting that a larger number of users are engaging with SHIB regularly. However, not all of the metrics are as straightforward.
The number of zero balance addresses (ZBA) has also increased by 38.90%, a potentially puzzling development.
ZBAs represent addresses that currently hold no balance in SHIB. While this could imply that users are temporarily moving their assets in and out of wallets, it may also point to more frequent transactions or the use of the token within the broader ecosystem.
Long-Term Holder Behavior and Bullish Signs
Also, in a separate outlook, a report shared by The Coin Republic on July 16 shows long-term holders of Shiba Inu refusing to panic sell.
The metric Age Consumed, which measures older coins getting moved, remains near cycle lows and is therefore considered a great positive move for long-time investors holding assets.
Sharp spikes in the Age Consumed metric have always gone hand-in-hand with price tops, with one such occasion being witnessed during the peak in late 2024.
That spike has not yet come along, indicating that the long-term holders still believe in SHIB’s long-term potential.
Another way of putting it is that the holders who stay for the long run are not selling, as they expect price increases.
That is one of the contributing factors for the currently bullish sentiment surrounding the token.
Hence, growth in the token may extend if these holders can maintain their positions in the near term, and thus, price uplift will be supported.
The post Shiba Inu Will ‘Fly’ Soon, What’s Pushing The Price? appeared first on The Coin Republic.