#SHIBUSDT is about to rise?

Shiba Inu is up 14% in seven days with a price target of 0.0000285, with key support at 0.0000150 and resistance above 0.000019.

$SHIB is up 14% for the week from recent lows and is poised to break above the 0.0000285 upside target, forming a classic inverted head and shoulders pattern with Tether (USDT) on the 4-hour chart.

If this bullish reversal pattern is confirmed, it would result in significant gains for SHIB holders.

An inverted head and shoulders pattern is evident on the 4-hour chart, indicating a bullish trend reversal. The chart shows that a 14% rise from the recent low of 0.0000150 brought SHIB to current levels of 0.00001992.​

Breaking through the neckline may push SHIB to 0.0000285. Pay attention to the callback of 150 points and the stop loss of 140 points. Profit targets: 209, 239 to 285. The price shows strong support at 16-19 cents, as many holders are buying.

Conversely, addresses buying SHIB above $0.000019 are “out of the money,” indicating potential resistance. The large clustering of these addresses between $0.000020 and $0.000022 may act as resistance as holders may sell to break even or cut losses.

An examination of SHIB’s price movement and daily active addresses (DAA) over a six-month period reveals a strong correlation between the two. From mid-January to late February 2024, SHIB’s price surged along with its DAA, indicating strong network activity.

SHIB experienced volatility after peaking, but DAA remained elevated. From early May to mid-June 2024, SHIB’s price fell, with fewer active addresses indicating waning interest. Recently, both price and DAA have shown positive growth, reflecting renewed interest in SHIB.

While the market is recovering, 24-hour trading volumes are relatively low, averaging $262 million over the past week. This trend may be due to investor apathy, as many market participants remain unsure whether bulls can sustain a sustained rally.​

With a market cap of $11,142,851,613, the Shiba Inu still holds significant value in the market. SHIB’s highest price was $0.00008616 on October 28, 2021.

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