Near descending trendline, bullish breakthrough potential for Shiba Inu

A break of Shiba Inu's declining trendline might herald a positive trend.

SHIB's daily active addresses peak in October, suggesting more blockchain use.

A daily candlestick closing below $0.0000155 would disprove bullishness.
On Wednesday, Shiba Inu (SHIB) price is nearing the declining trendline. A breakthrough might signify a positive trend. SHIB's daily active addresses peaked in October, signaling more blockchain use and a possible rise.

Price of Shiba Inu has potential

On Friday, Shiba Inu price repeatedly challenged and found support around the 100-day Exponential Moving Average (EMA) around $0.0000168, climbing 14.5% till Tuesday. If it breaks above its falling trendline built by linking successive highs since March, bulls may benefit. Wednesday saw a modest drop to $0.0000190.

SHIB might rise 28% to retest its June 5 high of $0.000026 if it breaks above the falling trendline and closes above $0.000020.

The daily MACD indicator is poised to crossover bullishly. A purchase signal occurs when the MACD line (blue line) crosses the signal line (yellow line), indicating upward momentum.

Bullish momentum is building as the daily chart's RSI rises above 59.

At an average price of $0.000018, roughly 15,780 addresses held 414.9 trillion dog theme-based tokens, according to IntoTheBlock's IOMAP. These addresses purchased tokens between $0.000017 and $0.000018, a critical support zone.

Technical analysis's 100-day EMA, $0.0000168, matches IOMAP's results, making it a crucial reversal area.


SHIB also looks well in Santiment's Daily Active Addresses index, which analyzes network activity. Blockchain use increases as the measure rises, whereas dropping addresses indicate lesser demand.

At SHIB, daily active addresses jumped from 3,398 on Monday to 5,175 on Wednesday, the most in October. This shows rising demand for Shiba Inu's blockchain, which bodes well for its price.


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