The memecoin#ShibaInu (SHIB) has seen remarkable growth over the past week. Driven by the overall market rally, the price of SHIB has surged over 50% to reach a six-month high of $0.000025. Currently,#SHIBis just below a key resistance level at $0.000028, and with buying pressure on the rise, the question arises: can buyers flip this level into strong support?
#Shiba Inu sees increased buying pressure
On-chain data shows that #SHIB’s recent surge is being driven by a growth in the number of daily active addresses and new participants on the network. According to IntoTheBlock, the daily number of unique addresses involved in at least one transaction has increased by 346% over the past week. Additionally, the number of new addresses created to trade the memecoin has increased by 458% over the same period, indicating a significant influx of new investors.
Open Interest (OI) for#SHIBhas also increased, reaching its highest level since May at $108.44 million, up 12% in the past 24 hours. This increase in liquidity is a bullish sign, suggesting that the rally could continue.
Price Prediction: #SHIB
Should the upward movement continue, SHIB could break above the $0.000028 resistance, which would put the memecoin on track to reach $0.000032, a peak last seen in March. However, if market sentiment turns negative or investors start taking profits, SHIB could pull back to $0.000019, where it will attempt to establish a new support base.
In my opinion, SHIB’s current trajectory is promising, especially with the increase in on-chain activity and Open Interest. However, as with any volatile asset, it is essential to closely monitor resistance levels and consider the possibility of a market correction.