- Shiba Inu price action shows a surging interest among the community members.
- SHIB is up 4% on the day, with leg-up signs to confront the resistance confluence at $0.0000112.
- A daily candlestick close below the $0.0000098 support level could invalidate the bullish narrative.
Shiba Inu price has been trading with a bullish bias since March 10 as interest for the meme token increased among community members. The uptrend comes as the Shiba Inu community defends their favorite project in the wake of events that unfolded in the past week when the network received a new designation as the new “Defense Breed.”
Notably, the earlier “Breed” team was responsible for fighting FUD and settling deals with various firms on behalf of Shiba Inu.
Shiba Inu price soars as network’s social buzz peaks
Shiba Inu price is bullish, supported by news from social analytics platform LunarCrush that SHIB social contributors recorded a daily hit of 47,880, the highest in three months.
A deep dive into Twitter feeds reveals chatter about Shiba Inu, Shibarium, and other elements within the ecosystem that could influence Shiba Inu price.
An increase in buying pressure from current levels could catapult Shiba Inu price to breach the confluence between the horizontal line and the 100-day Exponential Moving Average (EMA) at $0.0000112.
Further north, Shiba Inu price could crack past the 50- and 200-day EMAs at $0.0000114 and $0.0000115, respectively, before confronting the $0.0000122 resistance level.
If sidelined investors join the bandwagon and revitalize buyer momentum, Shiba Inu price could continue upwards, potentially tagging the $0.0000137 resistance level.
In highly bullish cases, the meme crypto could stretch further, tagging the $0.0000147 resistance level, before collecting the buy side liquidity above that level. Such a move would denote a 35% increase from current Shiba Inu price levels.
SHIB/USDT 1-day chart
Conversely, if Shiba Inu price succumbs to overhead pressure, SHIB could drop in market value toward the $0.0000098 support level. A dily candlestick close below this level could invalidate the bullish case.
In dire cases, Shiba Inu price could revisit the $0.0000086 swing low before possibilities of uptrend attempt.
On-chain metrics supporting the bullish thesis for Shiba Inu
As network hype skyrockets, Shiba Inu price could increase. WhaleStats data corroborates this thesis, showing that the number of Shiba Inu holders is also growing and is currently 1,326,366.
Additionally, on-chain metrics from IntoTheBlock add credence to the bullish narrative.
According to the representation above, large transactions on the Shiba Inu network are up 131% in the last 24 hours. Large transaction spikes indicate surging activity from whales or large holders that may be buying or selling.
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