- Shiba Inu’s value has risen by 3.56%, marking a notable recovery to $5.53 billion market capitalization.
- On-chain activity surged by 1,173.58%, driven by major SHIB holders, indicating bullish market behavior and heightened investor interest.
- Technical indicators signal a promising future, with bullish market sentiment and potential for an upward trajectory.
Shiba Inu (SHIB) has experienced a significant rebound in its trading value. The latest market data reveals a 3.56% increase in SHIB’s value, propelling its market capitalization to a noteworthy $5.53 billion.
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One of the driving forces behind Shiba Inu’s bullish momentum is the intensified on-chain activity, particularly a staggering 1,173.58% surge in transactions. This surge in high-value transactions is attributed to whales actively maneuvering across various platforms.
If the cryptocurrency manages to break through the initial resistance at $0.00001, experts anticipate a potential uptick in its valuation. Scaling the subsequent significant resistance near $0.000015 could set the stage for a bullish movement toward the $0.00003 mark.
However, any hesitation or stalling at the $0.00001 resistance level might trigger a downturn, with support levels crucially positioned around $0.000009. A further dip below $0.000008 could exacerbate the decline, potentially leading to a steeper descent for SHIB.
Source: TradingView
Technical indicators are aligning with the optimistic outlook. The Moving Average Convergence Divergence (MACD) indicator displays a burgeoning green histogram, signaling a bullish market sentiment and increasing buying activity.
Additionally, the Awesome Oscillator’s positive reading of $50.20 echoes a bullish market trend. The Relative Strength Index (RSI) signals a bullish momentum, inching closer to the overbought demarcation of 70. The 50-Smooth Moving Average and the 20-SMA are on an upward trajectory, reinforcing a short-term bullish sentiment.
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