Shiba Inu (SHIB) is a popular meme token which recorded an increase in its daily active addresses recently. Data from Santiment showed that this increase reached an yearly high. This spike in activity has corresponded to an elevation of the token’s price, which at press time stands at $0.00001126. This marks a 4.51% increase from the past 24 hours and 6.84% gain in its weekly performance. Furthermore, SHIB has also seen a growth of 4.35% against Bitcoin (BTC) and 4.52% against Ethereum (ETH), the two dominant cryptocurrencies in the market based on market cap.

Over the last 48 hours, SHIB’s price made two attempts to break through the resistance level at around $0.00001121, briefly managing to do so. However, bears were quick to act, dragging it back down. As of now, SHIB is trying to activate a bullish technical flag; if a 9-day EMA line were to cross over the 20-day EMA line, a further appreciation is expected, raising the token’s price to $0.00001207.

Since it’s unwise to solely hop on speculation, an investment should be thoroughly studied. Coin Edition and its affiliates are not held liable for any direct or indirect damages, nor can the views and opinions expressed in this analysis should be taken as financial advice. Therefore, it is recommended to do extensive research before making any form of investment.



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