The Shiba Inu cryptocurrency, a widely recognized meme token, has displayed substantial market vigor with an impressive 20% uptick within a single trading day. The token’s value ascended to $0.00002597, a peak not witnessed since mid-2022, followed by a phase of depreciation and a period of horizontal price movement that lasted until March 2024.
Challenging Current Resistance
The recent price hike of over 20.90% in 24 hours marks a remarkable weekly increase of 174.38% and an even larger monthly upswing for this digital asset. SHIB now tests a critical resistance point at $0.000028, with a potential breakout possibly leading to more notable gains. The digital currency’s current support zone is between $0.00001698 and $0.00002050.
Profitability Among Investors
Data from IntoTheBlock, a leading DeFi analytics platform, indicates that during the recent surge, 63% of SHIB investors were in profit, with 32% facing losses and 5% breaking even. Updated figures show an increase in profitable holdings to 69%, a reduction in losses to 24%, and 7% of investors exactly recouping their investments.
The robust price action and the evident increase in investor profitability have fostered a solid ‘buy’ sentiment in the market. Weekly and monthly technical indicators suggest a positive outlook for SHIB, with its blockchain, Shibarium, nearing notable milestones of 3.5 million blocks and 400 million transactions, complementing over 1.36 million wallet addresses within its network. The relative strength index (RSI) hitting a high of 87 points and the moving average convergence divergence (MACD) indicator hinting at ‘buy’ signals, SHIB’s trajectory appears favorable for investor gains.