Shiba Inu Eyes $0.000015 as April Returns Turn Positive
Shiba Inu (SHIB) is gaining momentum as it edges closer to the $0.000015 mark, driven by renewed bullish sentiment in the crypto market and a key technical breakout. On Friday, SHIB climbed to $0.00001413, boosted by growing investor interest and a broader rally across digital assets. With a market capitalization of $8.3 billion, SHIB saw a daily gain of over 2%.
Adoption Accelerates, Fueling Growth
Shiba Inu’s on-chain data reveals consistent growth in adoption. According to IntoTheBlock, the number of addresses holding SHIB balances has hit a record 1.4 million. This surge highlights increasing network participation and investment confidence.
Strong Recovery After a Tough First Quarter
April has been a turnaround month for Shiba Inu, posting a 14.4% gain and breaking a three-month streak of negative returns. CryptoRank previously reported losses of 10.9% in January, 26.1% in February, and 11.1% in March. The recent rally has been a welcome relief for SHIB investors.
How High Could SHIB Climb?
At $0.00001413, Shiba Inu’s price action suggests mounting enthusiasm for both meme coins and broader crypto assets. Technical indicators show a bullish crossover: the 4-hour 50 Exponential Moving Average (EMA) has moved above the 200 EMA, strengthening bullish sentiment. If the 100 EMA crosses above the 200 EMA in the coming sessions, SHIB could accelerate its uptrend, targeting the inverse head-and-shoulders pattern objective at $0.00001471 and potentially testing $0.000015.
However, there are caution signs. The Relative Strength Index (RSI) is currently at 72.65, signaling overbought conditions. A dip below 70 could trigger a cooling-off period. Key support levels to watch include $0.00001380 (recent resistance), $0.00001293 (50 EMA), and $0.00001265 (200 EMA).
As Shiba Inu rides the crypto market wave, all eyes are on whether it can sustain its momentum and achieve new highs.
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