- SHIB sees significant surge in network activity with 2,538 new addresses created.
- SHIB experiences 2.59% increase in value over the past 24 hours.
- SHIB surpasses Bitcoin and Ethereum with a 1.15% increase against BTC and 1.86% against ETH.
In a recent tweet, Ali, a seasoned crypto trader, and analyst, reported a significant surge in network activity for Shiba Inu (SHIB). According to the post, 2,538 new SHIB addresses were created on May 26, 2023, marking the highest increase in the past three months. This data highlights the growing interest and adoption of SHIB among investors and traders alike.
As of the time of publication, CoinMarketCap reports that the meme coin is currently valued at $0.000008785. Impressively, SHIB has experienced a 2.59% increase in value over the past 24 hours, resulting in a positive shift in its weekly price performance. SHIB’s price has risen by 0.87% over the last 7 days.
The meme coin has demonstrated a robust performance against the dollar in the last 24 hours and surpassed the two leading market players, Bitcoin (BTC) and Ethereum (ETH). SHIB has recorded a 1.15% increase against BTC and a 1.86% rise against ETH.
Over the last 24 hours, SHIB’s price has demonstrated impressive resilience by converting two critical resistance levels into support. The first level, at $0.00000860, was successfully transformed into a support level yesterday evening. Subsequently, the altcoin surged past the next significant level at $0.00000877, which SHIB’s price has continued to trade above. This remarkable feat is a testament to SHIB’s strength and potential for further growth.
According to the 4-hour chart, the 9 EMA line has surpassed the 20 EMA line, indicating a potential short-term bullish trend for SHIB’s price. However, the RSI line has peaked, suggesting a possible correction within the next 24-48 hours. These technical indicators provide valuable insights for traders to make informed decisions.
Should SHIB maintain its position above the $0.00000877 threshold in the next 8 hours, the meme coin’s value may surge towards the next resistance level at $0.00000895. Conversely, if SHIB fails to sustain its position above $0.00000877, its value will probably retreat to $0.00000861 within 24-48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
