Shiba Inu Surges 8.6% Weekly Amid Bullish Momentum

Shiba Inu, a popular cryptocurrency, has been experiencing a significant surge in price, with analysts predicting continued bullish momentum. The token's price has risen from a low of $0.0000129 to a high of $0.0000146, with a 0.83% increase observed over the past day and an 8.6% increase over the past week. This positive performance has led analysts to suggest that Shiba Inu could continue its upward trend for the next few weeks.

Analyst GehavianGoals has expressed confidence in Shiba Inu's continued upward movement, citing the token's rebound from a major resistance level on the weekly chart as a key catalyst for its recent price growth. The analyst pointed out that SHIB's ability to test and reject lower prices multiple times further supports its sustained momentum. Notably, the token has repeatedly tested the support level of $0.000011 without breaking below it, reflecting resilience. After a bounce off support, SHIB went on to challenge resistance near the peak from December 2024, though only briefly. With each retest of the support level, the price has managed to rebound, a key characteristic of bullish market conditions. GehavianGoals’ analysis suggested that a further upward movement could target a 21-month high, estimating a potential price of $0.00003352.

Another crucial element driving the price momentum is heightened activity levels on the Shiba Inu network. Recent data shows a significant rise in user engagement, with new active addresses (NA) that interact with the SHIB network increasing by 39.95%. This suggests that Shiba Inu is attracting more users, meaning the interaction with the token could be on the rise. Moreover, the number of active addresses (AA) on the network has risen by 35.07%, further suggesting that a larger number of users are engaging with SHIB regularly. However, the number of zero balance addresses (ZBA) has also increased by 38.90%, a potentially puzzling development. ZBAs represent addresses that currently hold no balance in SHIB. While this could imply that users are temporarily moving their assets in and out of wallets, it may also point to more frequent transactions or the use of the token within the broader ecosystem.

In a separate outlook, a report shows long-term holders of Shiba Inu refusing to panic sell. The metric Age Consumed, which measures older coins getting moved, remains near cycle lows and is therefore considered a great positive move for long-time investors holding assets. Sharp spikes in the Age Consumed metric have always gone hand-in-hand with price tops, with one such occasion being witnessed during the peak in late 2024. That spike has not yet come along, indicating that the long-term holders still believe in SHIB’s long-term potential. Another way of putting it is that the holders who stay for the long run are not selling, as they expect price increases. That is one of the contributing factors for the currently bullish sentiment surrounding the token. Hence, growth in the token may extend if these holders can maintain their positions in the near term, and thus, price uplift will be supported.