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SHIB price explosion sees 170% rally in a week; What’s happening?

SHIB price explosion sees 170% rally in a week; What’s happening?

Not long after famed puppy-themed meme cryptocurrency Shiba Inu (SHIB) started showing strength, propelling it to shed a zero from its price, it has continued to add further gains, racing over 20% in a single day and more than 170% across the week, leaving crypto traders surprised.

Indeed, Shiba Inu has recently made a massive rally that saw its price hit $0.00002597, which are the levels last seen in mid-2022, before it declined and started to move in a rather steady sideways pattern – right until March 2024, according to the most recent charts on March 4.

SHIB price analysis

Specifically, the second-famous puppy-themed crypto asset was at press time changing hands at a price 20.90% higher than 24 hours earlier, adding up to an increase of a whopping 174.38% on its weekly chart and an even more significant monthly rally of 185.96%.

SHIB 7-day price chart. Source: Finbold

It is currently facing the strongest resistance at the $ 0.000028 price level, the surpassing of which could herald even stronger gains while having advanced far above its support area, which currently stands between $0.00001698 and $ 0.00002050. 

Earlier, data from the crypto market intelligence and advanced decentralized finance (DeFi) analysis platform IntoTheBlock revealed that 63% of SHIB holders at the time were making money, with 32% recording losses and 5% breaking it even, as Finbold reported on March 3.

At press time, the number of SHIB holders in profit was even higher, hitting 69%, as the losing figure dropped to 24%, while 7% of the meme token’s holders were breaking it even, according to the most recent information retrieved from IntoTheBlock on March 4.

SHIB holders making money at current price. Source: IntoTheBlock

Bullish price action indicators

At the same time, positive price action and profit for holders have given rise to an exceptionally bullish sentiment for the so-called ‘Dogecoin (DOGE) killer,’ which currently rates as a ‘strong buy’ on its 1-day, 1-week, and 1-month technical analysis (TA) gauges, based on optimistic moving averages (MA) and oscillators.

SHIB 1-month sentiment gauges. Source: TradingView

On top of that, SHIB’s blockchain Shibarium has recently got closer to the 3.5 million total blocks, currently counting over 1.36 million crypto wallet addresses, and is nearing the transaction count of 400 million, in addition to the ceaseless innovations in its ecosystem, as per the latest Shibariumscan data on March 4.

Taking into account the bullish momentum, as well as the relative strength index (RSI) at a historic level of 87 points and the moving average convergence divergence (MACD) indicator pointing at a ‘buy,’ it seems that SHIB holders could profit from the current meme mania revival, and possibly turn an investment of a mere $10 into $100 this week.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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