Shiba Inu's price breakout from a five-month accumulation period fuels growth predictions.
SHIB's daily active addresses surged to 5,184, highlighting rising network adoption.
Analysts forecast a 300% SHIB price surge, citing bullish divergence amid strong market momentum.
Shiba Inu’s price is gaining momentum, with crypto analysts predicting a substantial 300% increase amid growing network activity and bullish technical signals. After months of stable trading, SHIB recently broke out of a long accumulation phase, signaling new interest from buyers.
The popular meme cryptocurrency moved past the critical $0.00002 resistance level, igniting forecasts of further growth as a hidden bullish divergence forms.
As SHIB’s price climbed to $0.0000276 on Sunday, it saw an impressive 34.6% intraday gain. This uptrend coincided with a broader market rally led by Bitcoin, which hit a new high of $80,137.
The rising market has spurred renewed interest in major altcoins, including SHIB, with key indicators pointing to strong support from users and investors. According to Coingecko, the Shiba Inu global market cap reached $20.58 billion, backed by a trading volume of $2.53 billion within 24 hours.
According to crypto analyst Javon Marks, Shiba Inu is showing signs of continued bullish momentum through a hidden divergence in the Relative Strength Index (RSI). A hidden bullish divergence occurs when the RSI creates a lower low while the price sets a higher low, suggesting steady buying interest.
https://twitter.com/JavonTM1/status/1854685368190222828
Despite recent price corrections, this technical pattern points to a sustained demand for SHIB. Marks noted that this divergence could sustain the rally’s momentum, keeping the target range at around $0.000081, a significant 214% increase from current levels.
Additionally, Shiba Inu’s network activity is surging. Data from Santiment reveals that SHIB’s 24-hour active addresses reached 5,184, reflecting a notable uptick in user engagement. Network growth has also risen, with 3,045 new addresses contributing to SHIB’s network expansion.
This rise in active addresses indicates higher adoption levels as SHIB gains traction in the broader crypto market. Analysts view this activity spike as an indication of Shiba Inu’s growing role in the crypto ecosystem, as it attracts both new investors and returning participants.
