The Shiba Inu (SHIB), a popular meme cryptocurrency, has seen its trading volume increase by over 100% in the past 24 hours, and its price is also showing bullish signs above a critical support level, potentially indicating a rally in the near future.
As of now, SHIB is currently trading at $0.0000085. The daily and weekly charts are also showing optimism, with gains of 5% and 7.15%, respectively.
The market capitalization of the coin has also increased by 4%. The most impressive growth, however, can be seen in the trading volume, which has increased by 114% in the last 24 hours, according to the data from CoinMarketcap.
The meme cryptocurrency experienced a difficult year in 2022 with a 75% drop in price. However, the community is excited for the future with the expected release of Shibarium, a Layer 2 scaling solution in development by the Shiba Inu team.
According to technical analysis, the token’s price has been beneath a long-term descending resistance line since August 14th. This line caused several rejections from late October to early November, preceding a price drop.
However, the price action in the past 14 days has been more positive. The data from Coingecko shows that it increased in 14 days by 3.4%, but in the last 30 days, it saw a 9% loss in value.
According to the daily time frame, it looks like the token’s price will soon rise. In order for the trend to be considered bullish, the price must rise above the resistance line and stay above the $0.0000090 level. If the price falls below $0.0000070 in a single day, it could continue to drop.
Shiba Inu’s Price Rising Factor
IntoTheBlock data recently revealed that the number of Shiba Inu token holders has returned to 1.275 million addresses following a steep decrease in the final week of November.
The recovery in the number of Shiba Inu token holders could be contributing to the token’s bullish rally and potential price rebound. The number of addresses is also starting to increase again towards its high of 3.1 million non-zero addresses.
It’s worth knowing how many Shiba Inu token holders are still making a profit, especially considering the sharp drop in price the asset has seen, down more than 75% over the past year. Nevertheless, the change in the number of holders may also suggest a revival in the popularity of SHIB.
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