SHIB’s Price Gains Amid Spike in Daily Active Addresses

Surge in SHIB's Daily Active Addresses

Shiba Inu (SHIB), the popular meme token, has seen a significant increase in its daily active addresses, reaching a yearly high. This rise in activity has been linked to a positive impact on SHIB’s market performance.

Price Performance and Market Impact

The recent spike in SHIB's unique wallet addresses, numbering approximately 35,788, has resulted in a 4.51% price increase over 24 hours, according to CoinMarketCap. This contributes to a weekly gain of around 6.84%, with SHIB’s price now standing at $0.00001126. Additionally, SHIB has strengthened its position against major cryptocurrencies, rising 4.35% against Bitcoin and 4.52% against Ethereum.

Technical Analysis and Resistance Levels

SHIB’s price has made attempts to break past the resistance level at $0.00001121 twice in the recent 48 hours. Although successful in surpassing the level, SHIB was unable to maintain its position, as bearish forces pushed it back down. A bullish technical signal is emerging, with the 9-day EMA line nearing a crossover above the 20-day EMA line. If this occurs, SHIB’s price could potentially increase to $0.00001207 in the coming days.

Conclusion

The surge in SHIB's daily active addresses has led to notable gains in its market value and performance against leading cryptocurrencies. However, traders should remain cautious and conduct thorough research as market conditions continue to evolve.