The meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a remarkable resurgence over the past week, with the price hitting new 2-month highs. SHIB has increased 19% over the last 7 days and has spent 7 of the last 8 days trading in the green.
Keypoints
- SHIB price increased 24% from its October 21 low and rebounded after validating key support.
- TD Sequential indicator flashed a major bullish signal for SHIB, which has preceded big surges of 118% and 71% in the past.
- If the bullish signal holds true, SHIB could potentially climb as high as 125% from current levels to $0.000018.
- For a full bullish breakout, SHIB needs to break past descending resistance at $0.0000092.
- Profitable SHIB addresses increased from 3% to 20% amid the positive price action.
According to data from IntoTheBlock, the total number of SHIB addresses has now reached an all-time high of 3.63 million, pointing to growing adoption and interest in the token. The share of profitable SHIB addresses has also spiked from 3% to 20% amidst the positive price action.
SHIB hit a recent high of $0.000082 on October 26th, recovering 24% from its October 21st low. This rebound came after SHIB held above key support levels, validating its strength. The bullishness was further confirmed by the TD Sequential indicator flashing a buy signal on SHIB’s weekly chart, which has preceded massive rallies of 118% and 71% in the past.
#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 now broken past the important daily moving average of 50, with price currently trading between the 50 and 200-day MAs. A decisive break above the 200-day MA at $0.00000828 could spark the next leg up for SHIB, opening the door for a push towards $0.00001 and higher.
Beyond price, there are also positive fundamental developments underway for the Shiba Inu ecosystem. Activity on the Layer-2 Shibarium protocol spiked significantly, with transactions jumping 5x from 12,690 to 62,570 day-over-day. This indicates strong usage growth as Shibarium aims to boost scaling and reduce gas fees.
With bullish technicals, surging adoption metrics, and fundamental improvements, Shiba Inu seems poised for a sustained recovery rally. The crypto dog token could very well be barking its way back towards its all-time high if the current momentum holds.
Traders and investors alike will be closely watching to see if SHIB can break key overhead resistance levels and validate its comeback.
