Shiba Inu (SHIB) experiences a massive rally, surpassing previous price levels. Analysis of SHIB's price action, bullish indicators, and profit opportunities for holders.
Shortly after the rise of the renowned canine-themed meme cryptocurrency Shiba Inu (SHIB), which led to a reduction of one zero from its value, it has continued to experience significant gains, surging over 20% within a single day and more than 170% throughout the week, surprising cryptocurrency traders.
Shiba Inu has indeed undergone a remarkable rally recently, reaching a price of $0.00002597, levels last observed in mid-2022 before a subsequent decline followed by a period of relatively stable sideways movement—until March 2024, as indicated by the latest charts on March 4.
SHIB price analysis
In particular, the second most famous canine-themed crypto asset saw a price increase of 20.90% within 24 hours, resulting in a staggering 174.38% rise on the weekly chart and an even more significant monthly surge of 185.96%.
Currently, it encounters the strongest resistance at the $0.000028 price level. Surpassing this resistance could potentially lead to even more significant gains, having already risen well above its support range, which is currently situated between $0.00001698 and $0.00002050.
Earlier data from IntoTheBlock, a crypto market intelligence and advanced decentralized finance (DeFi) analysis platform, revealed that 63% of SHIB holders were in profit, while 32% experienced losses and 5% broke even, as reported by Finbold on March 3.
As of the present moment, the number of SHIB holders in profit has increased to 69%, with the losing percentage dropping to 24%, while 7% of meme token holders are breaking even, according to the latest information obtained from IntoTheBlock on March 4.
Bullish price action indicators
Simultaneously, positive price action and profitability for holders have resulted in an extremely bullish sentiment for the so-called "Dogecoin (DOGE) killer." Currently, it is rated as a "strong buy" on its 1-day, 1-week, and 1-month technical analysis (TA) scales, based on optimistic moving averages (MA) and oscillators.
Furthermore, SHIB's blockchain, Shibarium, has approached the milestone of 3.5 million total blocks, with over 1.36 million cryptocurrency wallet addresses currently registered. Additionally, it nears a transaction count of 400 million, accompanied by ongoing innovations within its ecosystem, as per the latest data from Shibariumscan on March 4.
Taking into consideration the bullish momentum, along with the relative strength index (RSI) reaching a historic level of 87 points and the moving average convergence divergence (MACD) indicator signaling a "buy," it appears that SHIB holders may benefit from the ongoing resurgence in meme mania, possibly turning a mere $10 investment into $100 this week.
Disclaimer: The information provided on this website should not be construed as investment advice. Investing involves risk, and your capital may be at stake.