The crypto trader and analyst Ali noted in a tweet published this morning that the network activity for Shiba Inu (SHIB) is soaring. According to the post, 2,538 new SHIB addresses were created on 26 May 2023 alone, which is the highest increase in 3 months.
At press time, the meme coin’s price stood at $0.000008785 according to CoinMarketCap. This was after the crypto printed a 2.59% gain over the past 24 hours. The recent increase in SHIB’s price was enough to flip its weekly price performance into the green. As a result, SHIB’s price was up 0.87% over the last 7 days.
In addition to strengthening against the dollar in the past day, the meme coin was also able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, SHIB was up 1.15% against BTC and 1.86% against ETH.
4-hour chart for SHIB/USD (Source: TradingView)
SHIB’s price was able to flip 2 key resistance levels into support over the past 24 hours. The first level was $0.00000860 and was successfully flipped into support yesterday evening. Shortly thereafter, the altcoin was able to overcome the next key level at $0.00000877 – a mark that SHIB’s price continued to trade above at press time.
The 9 EMA line on the 4-hour chart was trading above the 20 EMA line, which suggested that SHIB’s price had entered into a short-term bullish cycle. Meanwhile, the RSI line on the 4-hour chart had established a peak, which indicated that SHIB’s price would correct in the next 24-48 hours.
If SHIB closes the next 8 hours above the aforementioned $0.00000877 mark, then the meme coin’s price could look to make a move towards the next resistance hurdle at $0.00000895. On the other hand, failure to stay above $0.00000877 for the next 8 hours will most likely result in SHIB’s price retracing to $0.00000861 in the next 24-48 hours.
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