Shiba Inu’s SHIB/USD rally comes off the back of significant growth in key Shibarium metrics, with further bullish momentum anticipated in the upcoming months.
What Happened: Crypto trader Javon Marks, in his recent X post, forecasted Shiba Inu’s price could reach unprecedented highs. He pointed out that the meme coin has shown significant progress since his original analysis, noting a roughly +400% move from $0.000009079 to $0.00004559.
He believes there is further growth to come if the current breakout holds and estimates a potential +351% move from the current value towards the breakout target of $0.0000886, its all-time high. Validating the strength of the meme coin is a recent hidden bullish divergence between prices and the relative strength index (RSI).
Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader
Why It Matters: Benzinga's technical stock analysis shows Shiba Inu's RSI at 57, a bullish momentum signal. The 50-day simple moving average (SMA) and the 200-day SMA are very close to convergin, which could lead to a golden cross or death cross. Currently, the 50-day SMA is above the 200-day SMA, increasing the probability of a bullish price action in the near term.
Shibariumscan data shows active accounts up from 489 on July 14 to 602 to July 15. New accounts increased fourfold from 6 to 27 in the same period. New transactions increased from 3,185 to 4,319 and new verified contracts for the period rose from 10 to 26.
IntoTheBlock data shows large transaction volume surging by 95.6% and transactions greater than $100,000 increased from 57 on July 14 to 82 on July 15. 73% of SHIB is in the hands of large holders, while 78% of SHIB holders accumulated the coin for more than one year.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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