Shiba Inu (SHIB) has seen a sharp increase in on-chain activity, marked by the addition of 1.6 billion tokens to a key network metric and a 216% spike in address activity. Despite this sudden jump in network engagement, SHIB’s price action presents a more cautious picture, reflecting technical weakness and ongoing challenges to sustain upward momentum.
Network explosion fails to boost price
The burst in network activity represents significant movement for the Shiba Inu ecosystem. However, historical patterns indicate that sudden spikes in on-chain transactions do not always translate to long-term price appreciation for SHIB. While a triple-digit increase in network operations could support bullish sentiment, the lack of confirmation from price charts tells a different story.
Currently, SHIB is trading near $0.00000485, after failing to break through resistance in the $0.00000520 to $0.00000530 range. Recent attempts to push higher have been consistently rejected at these levels, demonstrating strong overhead resistance. Previously, the range between $0.00000500 and $0.00000515 served as a dynamic support, but the price has since dropped below these short and medium-term moving averages, making them fresh obstacles for any upside attempts.
| Indicator | Current Value | Key Level |
|---|---|---|
| SHIB Price | $0.00000485 | Resistance: $0.00000520–$0.00000530 |
| Recent Spike | 216% network activity | 1.6 billion tokens added |
| Short/Medium-term MAs | Below price | $0.00000500–$0.00000515 |
| Key Support | $0.00000480 | Below: $0.00000460–$0.00000440 |
Mini dictionary: On-chain metrics are statistics or data points recorded directly on a blockchain, such as transaction volumes, active addresses, and token movements. Analysts use these metrics to assess overall network health and investor sentiment.
Technical signals remain bearish
Technically, SHIB remains challenged. In August, the token rallied toward $0.00000620 following a July recovery from around $0.00000410, but each breakout failed to establish a lasting trend. September’s price rebound similarly fell short, stalling at $0.00000550 and forming a lower high compared to previous surges.
The long-term moving average, positioned near $0.00000565, sits well above current prices and supports an overall bearish structure. Additionally, the relative strength index (RSI) has slipped below the neutral 50 level, indicating declining momentum. This combination reflects both a lack of favorable moving average alignment and a weakening trend.
A key area to watch is $0.00000480, as a decisive breakdown could lead SHIB toward the next support range of $0.00000460 to $0.00000440. If the decline extends further, July’s low near $0.00000410 may become relevant once again.
Recovery hinges on key price levels
SHIB needs to climb back above $0.00000500 to $0.00000515 and hold these levels to signal any improvement in price structure. A move beyond $0.00000550 would provide stronger evidence of a potential recovery and instill more confidence in a meaningful trend reversal.
Despite an eye-catching 216% surge in network activity and the addition of 1.6 billion tokens in the latest on-chain metrics, these developments alone have not yet alleviated SHIB’s bearish price outlook. Analysts continue to look for signs of renewed buying interest to support a sustained recovery.
Network activity around SHIB jumped by 216%, while the price remains challenged by resistance near $0.00000520 and remains in a technically weak position beneath key moving averages.
