Shiba Inu (SHIB) coin technical analysis looks impressive, indicating a bullish trend for the memecoin.
Notably, SHIB has broken out of key resistance levels, surging above the daily Ichimoku Cloud.
Market participants now watch to see whether this bullish trend will continue and if SHIB could rally towards $0.00003.
Analyzing the Ichimoku Cloud for Shiba Inu Coin
According to the latest data, SHIB price was trading at $0.00001351 at the time of writing. This price is above the daily Ichimoku Cloud, which is a bullish signal.
The Ichimoku Cloud is a technical analysis tool that helps identify trend direction, support and resistance levels, and momentum. It consists of five lines and a “cloud” formed by two of them.
If the price of an asset trades above the cloud, it signals upward momentum, while below the cloud indicates a bearish trend.
For the Shiba Inu coin, the cloud is transitioning from red to green near the current price level. This move supports the idea of a potential trend reversal.
It also suggests that SHIB is in an uptrend, aligning with the 2.05% increase over the past 24 hours.
SHIB has found support at $0.00001254 and resistance at $0.00001375. The bullish crossover and green cloud transition support upward momentum.
Additionally, the Coppock Curve is well above zero, at 21.14884298, indicating strong bullish momentum. This suggests that the SHIB price has likely bottomed and is in a long-term uptrend.
The Coppock Curve is a momentum-based indicator used to identify long-term buying opportunities, especially in bull markets.
This indicator is best for long-term investors. Hence, given its current level, SHIB may be a candidate for accumulation.
Collectively, the Ichimoku Cloud and Coppock Curve indicators suggest Shiba Inu coin is in a bullish phase in the short term.
Traders can consider long positions, but they must exercise caution due to potential volatility.
Spike in SHIB Daily Active Addresses
Moreover, daily active addresses also increased, indicating heightened activity on the Shiba Inu blockchain.
According to IntoTheBlock data, Shiba Inu coin experienced a 21.43% surge in daily active addresses over the last 24 hours. Within this period, 5,333 were created on the network.
Daily active addresses refer to the number of new wallets created in a given period. It is a valuable measure for monitoring network activity over time.
The surge of new wallet creation signals fresh capital inflow and growing participation from new users.
Daily active addresses correlate with price activity. This means when daily active addresses increase, the price moves on an uptrend and vice versa.
Therefore, daily active addresses are often viewed as a leading indicator for price action. Since activity on the Shiba Inu coin is high, many market participants expect to see a more bullish price movement.
Can SHIB Price Rally to $0.00003?
Shiba Inu has added over 14% to its value in the last seven days, demonstrating an above-average performance.
The memecoin also experienced minimal market activity, as indicated by a 3.4% increase in daily trading volume.
This is a potentially positive signal for the bulls. However, the volume is not overwhelming enough to indicate strong momentum.
To maintain the bullish momentum, SHIB must keep above the current resistance at $0.00001375.
The bullish Ichimoku Cloud and Coppock Curve indicators make a move between $0.000015 and $0.000020 more likely in the near term.
If the trend continues and trading volume accelerates, SHIB could rally towards $0.00003 in the long term.
Unsurprisingly, the Shiba Inu coin ecosystem has continued with its aggressive deflationary move, another key factor to drive up the memecoin’s price.
The community recently saw 9,551,523 SHIB moved into dead wallets, reducing the total supply. The action remains critical to driving up the price of the memecoin in the future.
