Over the past week, the price of leading Meme Coin Shiba Inu (SHIB) has recorded outstanding gains. With the overall growth trend of the meme market, SHIB’s price has increased by more than 50% in the past seven days and is currently trading at a six-month high, reaching $0.000025.
At current price levels, SHIB trades just below key resistance at $0.000028. With buying pressure becoming stronger and stronger, the question is: Can the bulls turn this level into a solid support platform?
Shiba Inu Record High Buying Pressure
Chain analysis shows that significant growth in the number of daily active and new addresses has fueled SHIB’s recent price increase. According to data from IntoTheBlock, last week the number of unique addresses participating in at least one SHIB transaction spiked 346% on the day.
Furthermore, the number of new addresses created to trade this Meme Coin increased by 458% during the same period, indicating a significant influx of new members into the network.
The price increase coupled with an increase in new and daily active addresses indicates heightened interest and broad market participation in the asset. In the case of Shiba Inu, the increase in address numbers along with the price increase indicates growing demand and the entry of new members, further supporting the positive view.
SHIB’s rising open interest confirms this positive outlook. Currently, open interest in this Meme Coin reaches $108.44 million, marking the highest level since May, after increasing 12% in the past 24 hours.
Open interest measures the total number of unsettled or open contracts in the market (futures or options). When it increases along with the price of the asset, it shows that new liquidity is entering the market. This combination is a positive indicator, signaling the potential for a continued bull run.
SHIB Price Prediction: Breaking Through the Threshold
If the current SHIB uptrend continues, there is a high possibility that the price will break through the resistance wall of 0.000028 USD. A breach of this threshold would put the Shiba Inu rally on track to reach $0.000032, a high last seen in March.
However, if market sentiment turns negative and SHIB holders start taking profits, a retreat to $0.000019 could occur, with the asset attempting to establish support at that level.