Shiba Inu Price Recovers 7.65% After Weekly Low Below $0.000025
During a recent crypto market sell-off, Shiba Inu price (#SHIB) dropped 11%, falling below $0.000025. However, bulls have since recovered, surging 12% from the recent low and achieving a 7.65% gain in the last 24 hours. This indicates an attempt to recover the weekly loss.
Long-term SHIB holders remain steadfast despite price volatility. According to IntoTheBlock, the holding time for SHIB has been increasing since December 8, signaling a commitment among holders. An increase in coin holding time suggests that investors are retaining their tokens rather than selling, which is viewed as a bullish indicator.
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Courtesy: IntoTheBlock
Coin holding time measures how long a cryptocurrency stays in a wallet without being sold or transferred. A longer holding period reflects confidence in the asset's future performance, while a decrease may indicate uncertainty.
The Daily Active Addresses (DAA) divergence for SHIB also signals potential for a rebound. This metric assesses user activity on the blockchain in relation to price movements. A positive price-DAA divergence shows increased network activity, typically correlating with price gains, whereas a negative divergence indicates reduced engagement and bearish sentiment.
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Courtesy: Santiment
According to Santiment, SHIB's price-DAA divergence has increased to 33.65%. If this trend persists, SHIB may experience significant bullish momentum in the near term.
Shiba Inu Price Prediction Ahead
After bouncing back from a weekly low of under $0.000025, SHIB has gained over 7.65% recently. Additionally, open interest for SHIB has risen by 5.3%, exceeding $102 million, indicating trader optimism about future price movements.
The daily chart shows the Accumulation/Distribution (A/D) indicator rising, reflecting heightened buying pressure. The A/D indicator evaluates whether a cryptocurrency is being accumulated or sold based on volume and price trends, suggesting increased buying activity for SHIB.
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Courtesy: TradingView
If the A/D indicator continues to rise, it may indicate sustained bullish momentum. For this trend to persist, bulls must maintain support at $0.000024. If successful, SHIB could rise to $0.000034; however, if bears breach this support, a decline to $0.000019 is possible.