Token holding time refers to the duration that a cryptocurrency is not sold or transferred while in a wallet. An increase in holding time indicates that holders choose to retain the tokens instead of transferring or selling them, which is considered a bullish signal. Conversely, a decrease in holding time suggests a lack of confidence in short-term potential.
Additionally, the daily active address (DAA) difference in Shiba Inu prices provides a strong signal for a potential rebound in SHIB. This metric essentially analyzes user activity on the blockchain and its correlation with price movements while offering valuable insights.
A positive price-DAA divergence indicates increased network activity, which typically leads to a price increase. In contrast, a negative divergence indicates a decrease in engagement, usually pointing to bearish momentum.
According to the chart provided by Santiment, the price-DAA difference for SHIB has risen to 33.65%. If this trend continues, the price of SHIB could see strong bullish momentum in the near future.
Shiba Inu Price Prediction
As reported at the time of writing, Shiba Inu has rebounded from a weekly low of $0.000025, with bulls pushing the SHIB price up more than 7.65%. Additionally, SHIB's open interest surged by 5.3%, exceeding $102 million, indicating that traders are optimistic about future price movements.
On the daily chart, the accumulation/distribution (A/D) indicator is rising, indicating increased buying pressure. The A/D indicator combines volume and price to assess whether the cryptocurrency is being accumulated or sold, and it shows that SHIB is experiencing higher buying activity.
If the A/D continues to rise, it indicates bullish momentum. However, to maintain this trend, the bulls must defend the support level at $0.000024. If successful, the price of SHIB could climb to $0.000034. On the other hand, if the bears break this support level, SHIB could drop to $0.000019.
