Shiba Inu (SHIB) Bulls Eyeing $0.000009 Resistance
The bullish price momentum of Shiba Inu (SHIB) has intensified, with the bulls looking to break down the $0.000009 resistance. On-chain analysis highlights crucial data points that could determine SHIB price action in the coming days.
Crypto Traders Holding SHIB Increase Trading Activity
Shiba Inu holders have significantly increased their transactional activity over the past week. SHIB Tokens Transferred crossed 15.9 trillion on Nov. 6, marking the highest level of economic activity since August. This represents a 38% increase from last month’s peak transaction activity on the Shiba Inu network.
The sharp increase in transactional activity is often taken as a bullish signal, indicating growing interest among investors and increased market liquidity.
SHIB Sell Orders Surpass Current Market Demand
The aggregate order books show that SHIB traders have placed active buy-orders for 6.8 trillion tokens, considerably higher than the 6.5 trillion SHIB sell-orders currently listed across crypto exchanges. When demand is higher, many buyers may have to compete by increasing their prices.
The increase in trading activity and growing market demand could trigger an upward movement in SHIB price in the days ahead.
SHIB Price Prediction: Potential Downswing toward $0.000005?
Based on current on-chain data trends, Shiba Inu will likely experience a further price upswing toward $0.00001 in the coming days. The Global In/Out of the Money (GIOM) chart also supports this bullish narrative but suggests significant resistance at $0.00009 could trigger a retracement.
If network activity keeps growing, Shiba Inu’s price could rise further to reclaim $0.00001, or dip to $0.00006 if bears gain control.
Hot Take
Given the increased trading activity and growing market demand, it seems likely that Shiba Inu’s price will continue to rise in the near future as long as bullish sentiment prevails.
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