๐ฅ $SHIB Price Eyes 17% Spike Amid Rising Network Activity- CoinGape
๐ Shiba Inu Price Surge
Shiba Inu (SHIB) surged 13% to $0.00001614 after breaking out of a consolidation zone on August 23, but has since retraced. Investor optimism is rising due to increased network activity and the introduction of the Shiba Inu DAO. SHIB is now 17% away from a key resistance level that, if surpassed, could trigger a bull run.
๐ Network Growth Boosts SHIB
Shiba Inuโs network, Shibarium, is driving SHIBโs price action, with recent efforts focused on attracting investors and expanding. A Shiba Inu decentralized autonomous organization (DAO) is set to launch, aiming to empower the community with more governance control. Shibarium's growth hit a new peak, and daily active addresses have been on the rise, supporting SHIBโs recent 8% price increase.
๐ Traders Bet on SHIB's Rise
Futures traders are leaning bullish, with more long positions than shorts in the last 24 hours, signaling expectations of a price increase. However, some traders are closing long positions, anticipating a possible short-term retrace.
โ๏ธ Mixed Sentiment on SHIB
Despite strong network growth, thereโs a divergence in sentiment among futures traders, creating uncertainty for SHIB. The price has retraced 8% since Saturday but is approaching a strong support zone, suggesting potential for a rebound.
๐ฎ Can SHIB Reach $0.00001750?
Shiba Inu is currently in a short-term bullish phase within a broader bearish trend. If bullish momentum continues, SHIB could see a full trend reversal. However, if bearish forces prevail, the price may drop back to its early August levels.
