Analyst GehavianGoals predicts that Shiba Inu (SHIB) will maintain its upward price trend, recovering from a key resistance level and showing strong market activity.
Meanwhile, the price of SHIB has experienced significant fluctuations, with strong growth following July 12.
This memecoin has seen a rise from a low of $0.0000129 to $0.0000146 and is currently trading around $0.00001458, up 8.6% over the past week.
With this positive performance, analysts believe that Shiba Inu could continue its price increase in the coming weeks.
The price movement of SHIB and analysts' predictions
The recent price increase of SHIB has attracted the attention of many analysts, with GehavianGoals expressing confidence in the token's continued growth.
The analyst notes that Shiba Inu will soon 'soar', with a price target set at a new peak.
The analyst points out that the token's recovery from a key resistance level on the weekly chart is the main catalyst for the recent growth.
SHIB's multiple tests and rejections of lower price levels further reinforce its sustainable growth.
Notably, the continuous testing of the support level at $0.000011 without slipping below this level reflects resilience.
After bouncing from the support level, SHIB continues to challenge the resistance level since December 2024, albeit only for a short time.
However, with each test of the support level, the price has bounced back, a key characteristic and condition of a bullish market.
GehavianGoals' analysis suggests that the next price increase could target the highest level in 21 months, with a potential price estimate of $0.00003352.
Increased network activity
Another important factor supporting Shiba Inu's price increase is the increasingly active activity on the network of this token.
According to recent data from IntoTheBlock, user interaction with the SHIB network has increased significantly. Specifically, the number of new active addresses (New Active Addresses – NA) has risen by 39.95%, indicating growing attention to Shiba Inu and more users interacting with this token.
Additionally, the number of daily active addresses (Active Addresses – AA) has also increased by 35.07%, further strengthening the evidence of increased regular user participation in the SHIB ecosystem.
However, not all indicators are easy to interpret. The number of addresses with a balance of 0 (Zero Balance Addresses – ZBA) has also increased by 38.90%.
While it may seem puzzling, this increase could indicate that users are continuously transferring assets in and out of wallets, or that SHIB is being used more frequently in transactions or decentralized applications.
Long-term investor behavior and positive signals
In a report on July 16, data showed that long-term SHIB investors remain confident and are not in a hurry to sell.
The 'Age Consumed' index, reflecting the amount of old tokens being moved, remains low – which is seen as a positive signal, indicating that long-term holders have no intention of exiting the market.
In the past, whenever this indicator surged, it often signaled new price peaks – as happened at the end of 2024. The current absence of any sudden spikes suggests that long-term investors remain confident in SHIB's prospects.
In other words, long-term holders continue to hold on due to the expectation that prices will rise further. This sentiment is contributing to the positive trend around SHIB.
If these investors continue to hold their positions in the near future, it is likely that SHIB's upward trend will be reinforced and extended.
