SHIB's Price Surge Amidst Rising Network Activity

Shiba Inu Network Activity Peaks

Shiba Inu (SHIB) has recently experienced a significant surge in network activity. On May 26, 2023, an impressive 2,538 new SHIB addresses were created, marking the highest increase in three months. This uptick in network activity coincided with a noticeable rise in SHIB's price, reflecting growing investor interest.

Price Performance and Market Impact

At the time of analysis, SHIB was trading at $0.000008785, reflecting a 2.59% increase over the past 24 hours. This price growth has flipped SHIB's weekly performance into positive territory, with a 0.87% gain over the last seven days. Additionally, SHIB outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), increasing by 1.15% against BTC and 1.86% against ETH.

Technical Analysis and Future Outlook

Recent price movements allowed SHIB to convert two critical resistance levels into support. The first level at $0.00000860 was breached, followed by a successful rise above $0.00000877. The 4-hour chart analysis showed the 9 EMA line above the 20 EMA line, indicating a short-term bullish trend. However, the RSI peak suggested a potential price correction in the next 24-48 hours.

If SHIB maintains its position above the $0.00000877 mark in the coming hours, a move towards the next resistance at $0.00000895 could be anticipated. Conversely, failing to sustain this level might lead to a retracement to $0.00000861 within the next 24-48 hours.

Conclusion

The recent spike in Shiba Inu's network activity and subsequent price rise highlights the meme coin's volatile yet promising nature. Investors should carefully monitor these developments and conduct thorough research before making investment decisions.