The price of the meme cryptocurrency Shiba Inu (SHIB) has recently experienced notable gains, reflecting the overall market trend as investors speculate on a potential resurgence akin to the 2021 rise.
Although the coin has undergone short-term corrections, crypto analyst Ali Martinez anticipates a SHIB resurgence based on technical indicators.
In a post on X (formerly Twitter) on March 10, Martinez suggested that SHIB is positioned for a bullish breakout this week, citing price movements on the four-hour chart.
SHIB price analysis chart. Source: Ali Martinez
He observed that the four-hour chart had formed a symmetrical triangle, and a sustained close above the crucial $0.000038 resistance level could trigger a remarkable 40% surge, propelling SHIB towards $0.000052.
However, Martinez warned investors to monitor the $0.000033 support level, as losing it could invalidate the bullish outlook.
Shiba Inu’s activity resurgence
Amidst the technical analysis, SHIB’s network has experienced a resurgence in activity, signaling a renewed interest and engagement within the community. For instance, according to data by IntoTheBlock blockchain analytics firm, Shiba Inu has recorded a staggering nearly 2,000% increase in active addresses from February’s average to a peak of 21,000 on March 5th.
This surge in daily active addresses suggests that the Shiba Army, SHIB’s dedicated community, is back in action.
Considering Shiba Inu’s lack of significant use cases, the community is also banking on elements such as sustained network development to gain prominence. Some of the activities entail the burning of excess SHIB tokens to attain increased utility.
In this line, the Shibburn X account revealed that 14,238,113,469 SHIB tokens were burned in the past seven days. This marks an impressive 6,478.69% increase in the weekly burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.00003507 (1hr 0.61% ▲ | 24hr -1.59% ▼ )Market Cap: $20,633,157,555 (-1.62% ▼)Total Supply: 589,276,901,278,213TOKENS BURNTPast 24Hrs: 68,589,040 (-99.5% ▼)Past 7 Days: 14,238,113,469 (6478.69% ▲)
— Shibburn (@shibburn) March 10, 2024SHIB price analysis
By press time, SHIB was trading at $.00003306, with daily losses of about 5%. Over the past 30 days, the meme coin has been up 255%.
Notably, the impressive performance has propelled SHIB back into the top 10 cryptocurrencies, boasting a market valuation of $19.74 billion and securing the 10th position by market.
SHIB 30-day price chart. Source: Finbold
In summary, besides the technical indicators, Shiba Inu’s prospects also lie in how the overall market moves.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
