Shiba Inu (SHIB) Sees Strong Resurgence with Price Surge
The meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced a remarkable resurgence in the past week, reaching new two-month highs. Over the last seven days, SHIB has seen a 19% increase in price and has spent seven out of the last eight days trading positively.
Key Points to Consider
- SHIB’s price has rebounded by 24% from its October 21 low, validating key support.
- The TD Sequential indicator has flashed a significant bullish signal for SHIB, which has historically preceded substantial surges of 118% and 71%.
- If this bullish signal holds true, SHIB could potentially climb as high as 125% from its current levels to $0.000018.
- In order to achieve a full bullish breakout, SHIB needs to surpass the descending resistance at $0.0000092.
- The number of profitable SHIB addresses has increased from 3% to 20% due to the positive price action.
According to data from IntoTheBlock, the total number of SHIB addresses has reached an all-time high of 3.63 million, indicating growing adoption and interest in the token. Additionally, the share of profitable SHIB addresses has surged from 3% to 20% amid the positive price movement.
After hitting a recent high of $0.000082 on October 26th, SHIB experienced a rebound of 24% from its low on October 21st. This recovery was supported by the validation of key support levels. The TD Sequential indicator further confirmed this bullishness by signaling a buy on SHIB’s weekly chart, which has historically preceded significant rallies of 118% and 71%.
#ShibaInu | The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.
Given the infrequency yet precision of such signals, it's a pivotal moment to keep a keen eye… pic.twitter.com/uwdWbSWFZw
— Ali (@ali_charts) October 25, 2023
The token has successfully surpassed the important daily moving average of 50 and is currently trading between the 50 and 200-day moving averages. A decisive break above the 200-day moving average at $0.00000828 could potentially trigger the next upward movement for SHIB, paving the way for a push towards $0.00001 and beyond.
In addition to price movement, positive fundamental developments are also underway for the Shiba Inu ecosystem. Activity on the Layer-2 Shibarium protocol has significantly increased, with transactions jumping five times from 12,690 to 62,570 in a single day. This indicates strong growth in usage as Shibarium aims to enhance scalability and reduce gas fees.
With bullish technical indicators, rising adoption metrics, and ongoing fundamental improvements, Shiba Inu appears to be on track for a sustained recovery rally. If the current momentum continues, this crypto dog token could potentially reach its all-time high once again.
Traders and investors will closely monitor whether SHIB can break key resistance levels and validate its comeback.
Hot Take: Shiba Inu (SHIB) Poised for Recovery Rally
Shiba Inu (SHIB) has experienced a significant resurgence in recent days, reaching new highs and showing positive price action. With growing adoption, bullish technical indicators, and fundamental improvements like increased activity on the Shibarium protocol, SHIB seems poised for a sustained recovery rally. Traders and investors should keep a close eye on SHIB’s ability to break through resistance levels and confirm its comeback. If the current momentum holds, SHIB may bark its way back towards its all-time high.
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