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After a period of decline, the popular meme token Shiba Inu (SHIB) began to show strength and continued to gain over 20% in a single day. Shiba Inu recently experienced a significant surge, reaching a price of $0.00002597. These levels were last seen in mid-2022, after which the price fell and began moving in a stable sideways trend until March 2024.
Resistance Level for SHIB
The meme token is currently trading at a price more than 20.90% higher in the last 24 hours. This increase contributes to an astounding weekly rise of 174.38% and an even more significant monthly rally. At its current position, it may be facing the strongest resistance at the $0.000028 price level. Breaking through this level could signal even stronger gains, significantly surpassing the current support area ranging between $0.00001698 and $0.00002050.
Data obtained from the advanced decentralized finance (DeFi) analysis platform IntoTheBlock showed that during the specified period, 63% of SHIB holders made money, 32% incurred losses, and 5% broke even. According to the latest information from IntoTheBlock, at the time of writing, the number of SHIB holders making a profit reached 69%, while those at a loss dropped to 24%, and 7% of meme token holders balanced out this figure.
Current Data on SHIB
At the same time, the positive price movement and profits for holders have led to an extraordinary surge in sentiment, currently considered ‘strong buying’ on its first day. Weekly and monthly technical analysis (TA) indicators based on moving averages (MA) and oscillators are optimistic. Moreover, SHIB’s blockchain, Shibarium, has recently approached a total of 3.5 million blocks and is nearing 400 million transactions, with over 1.36 million crypto wallet addresses counted in its ecosystem. Considering the rising momentum, a historical level of 87 points on the relative strength index (RSI), and the moving average convergence divergence (MACD) indicator signaling ‘buy,’ it appears that SHIB holders could realize profits.
