Shiba Inu price is gearing up for a potential 300% surge as it holds firm above strong support. The leading assets within the crypto market demonstrate a recovery as the broader market experiences small improvements. This suggests this momentum could reignite bullish sentiment for Shiba driving its next significant rally. Here are the top 3 reasons Why Shiba could fly soon.
Top 3 Factors That Could Propel Shiba Inu Price 300%
The meme coin may be poised for a major rally as the crypto market trends upward. With BTC nearing the $100k mark, other leading top altcoins like SHIB could follow. Meanwhile, the global crypto market cap has reached $3.24 trillion, marking a 1.31% increase over the past day. Here are the reasons that could ignite a rally for the SHIB price.
SHIB Sees Surge in Active Addresses as Whale Transactions Increase
Shiba Inu price stagnates, but the daily active address surged to 5,581, indicating an increased network participation. Likewise, SHIB’s network growth also spiked to 2,013 during this period. Both metrics have 1,068 and 324 as their 30-day moving averages, showing a higher-than-average deviation from the normal, indicating that a substantial portion of new users and previous users have begun participating with the network. Typically such a development in DAA and network growth is often followed by a price rallies.
The surge in DAA aligns with an increase in whale transactions exceeding $1 million, indicating that large holders, aka whales, are becoming active. Typically, a spike in whale transaction count after a crash indicates accumulation and is seen as a buy signal. If such on-chain activity continues rising, it could drive increased speculation and influence SHIB price to rally by 300%.
Shiba Inu’s MVRV Ratio Hits Opportunity Zone; Will History Rhyme?
The Shiba Inu MVRV ratio shows similar patterns as it did on August 7 by entering the opportunity zone. The MVRV ratio reached this level in historical data which led SHIB to increase in value by 55% throughout the following 52 days before achieving its highest point.
Additionally, a crossover between the 90-day MVRV and its 7-day moving average has occurred. This crossover between SMAs occurred for the first time in August during the beginning of the price momentum.
Historical evidence suggests that SHIB may now accept accumulated funds that will eventually lead to a new upward price change.
SHIB Eyes Breakout Amid Bullish Reversal
The SHIB price hovered at $0.00001562 after a 2% surge, showing signs of forming a bullish inverse head-and-shoulders pattern. The crypto market is recovering slightly, with top coins seeing a slight surge. BTC is above $98k, and ETH is above $2,700. If the market continues to recover, most of the altcoin will see a rebound.
This pattern, a classic reversal setup, suggests a potential price surge if SHIB breaks above the neckline resistance near $0.0000326.
The chart shows the Shiba Inu price forecast reaching $0.00002743 according to 83% estimates or potentially reaching $0.00006029 for a 267% boost.
The resistance point at $0.00001266 may serve as a crucial opportunity for bulls to prevent price decline.
To sum up, Shiba Inu price demonstrates signs of impeding a substantial upward movement due to rising on-chain behavior, historical MVRV charts, and potential bullish breakout. Market momentum shows positive signs for SHIB price to reach a potential 300% increase.
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