The popular meme token Shiba Inu (SHIB) has exhibited a sideways movement in the last 24 hours, allowing investors to catch their breath after billions of dollars worth of tokens were traded throughout the week. The market’s tenth-largest cryptocurrency recorded a serious increase of 65% over the week and 270% compared to the previous month, influenced by the bull market.
Santiment’s SHIB Report
Cryptocurrency analytics firm Santiment indicates that SHIB’s daily volumes have seen a significant rise in the last two weeks, reaching levels last seen during the market’s previous bull cycle. At the time of writing, SHIB holders are realizing an average unrealized profit of 52% on their investments, measured by the 30-day MVRV ratio. Additionally, SHIB is trading at $0.000034 at the time the article was penned.
Prominent cryptocurrency analyst Ali Martinez has underscored an important resistance level at $0.000038. Surpassing this level could lead to a 40% increase in SHIB’s value, potentially reaching $0.000052. However, if SHIB falls below the critical support level of $0.000033, the aforementioned bullish narrative could become invalid. Experts are considering some of SHIB’s other fundamental technical indicators to predict its next moves.
Current Data on SHIB
The Relative Strength Index (RSI) is still moving in the overbought zone, which could signal a potential short-term correction in the SHIB price. However, since the RSI often remains between 40 and 90 during bullish trends, the prevailing sentiment could be optimistic. The crossing of the Moving Average Convergence Divergence (MACD) line over the signal line indicates continued strong buying pressure and upward momentum.
SHIB’s rally is supported by retail investors, as evidenced by the sharp increase in addresses holding between 0-10 tokens. Moreover, the rate of new users entering the network has sharply increased in recent weeks, which could indicate a rise in adoption rates. Additionally, according to data from Hyblock Capital, the SHIB market has entered a phase of “Extreme Greed.” This suggests that demand for SHIB remains strong and could pave the way for further gains.
