Shiba Inu (SHIB) Cryptocurrency Shows Potential for Resurgence
The price of the meme cryptocurrency Shiba Inu (SHIB) has seen significant gains recently, reflecting the overall market trend as investors speculate on a potential resurgence similar to its rise in 2021. Despite short-term corrections, crypto analyst Ali Martinez believes that SHIB may experience a resurgence based on technical indicators.
In a tweet on March 10, Martinez suggested that SHIB is positioned for a bullish breakout this week, citing price movements on the four-hour chart. He noted that the four-hour chart had formed a symmetrical triangle and that a sustained close above the crucial $0.000038 resistance level could trigger a remarkable 40% surge, pushing SHIB towards $0.000052. However, Martinez cautioned investors to monitor the $0.000033 support level, as losing it could invalidate the bullish outlook.
Shiba Inu’s Activity Resurgence
Alongside technical analysis, SHIB’s network has experienced a resurgence in activity, indicating renewed interest and engagement within the community. According to data from IntoTheBlock blockchain analytics firm, Shiba Inu has seen an almost 2,000% increase in active addresses from February’s average to a peak of 21,000 on March 5th. This surge in daily active addresses suggests that the Shiba Army, SHIB’s dedicated community, is back in action.
The lack of significant use cases for Shiba Inu means that the community is relying on elements such as sustained network development to gain prominence. One of these activities includes burning excess SHIB tokens to increase utility. The Shibburn X account revealed that 14,238,113,469 SHIB tokens were burned in the past seven days, marking an impressive 6,478.69% increase in the weekly burn rate.
SHIB Price Analysis
As of now, SHIB is trading at $0.00003306 with daily losses of about 5%. However, over the past 30 days, the meme coin has seen a 255% increase. This impressive performance has propelled SHIB back into the top 10 cryptocurrencies, with a market valuation of $19.74 billion and securing the 10th position by market cap.
Hot Take: Shiba Inu’s Potential for Resurgence
Shiba Inu (SHIB) has shown signs of potential for a resurgence in its price and activity. With technical indicators pointing towards a bullish breakout and increased engagement within the community, SHIB may experience further gains in the future. However, it is important for investors to monitor key support and resistance levels to gauge the validity of this outlook.
The overall market movement will also play a significant role in determining SHIB’s future performance. As the cryptocurrency market continues to evolve, it is crucial for investors to stay informed and make educated decisions when it comes to their investment strategies.
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