Popular cryptocurrency Shiba Inu It has risen by double digits in the past 24 hours amid Positive performanceIn the broader market. According to price data, SHIB price surged over the past few hours to peak at $0.00001748, effectively reversing most of its losses over the past seven days.
This remarkable rebound has left the meme coin community in a state of anticipation and speculation about SHIB’s future moves. Interestingly, on-chain data shows that the renewed price sentiment was driven by the activity of large holders of the coin who increased their transaction value by 229% since July 4.
SHIB is rebounding significantly
After hitting support at the lows of $0.00001298 on July 5, Shiba Inu staged a sharp rebound, reversing the previous negative trend. This rebound saw the price of Shiba Inu rally throughout Saturday. The overall sentiment was generally positive during the trading session, with most large-cap cryptocurrencies seeing price increases driven by Bitcoin.
Interestingly, Data from IntoTheBlock The CPI shows a 190% increase in flow activity from large SHIB transactions. This surge brought the total value of transactions of $100k or more to $74.56 million, the highest level in the past seven days.
These massive transactions, coupled with a 15% price surge, appear to have brought Shiba Inu back into the spotlight. Members of the crypto community have begun to speculate whether the cryptocurrency can maintain its upward momentum and lead other cryptocurrencies into another extended bull run.
Can SHIB break out of the downtrend?
The cryptocurrency market can be wild, especially for meme coins like SHIB. At the time of writing, SHIB is trading at $0.0000165 and is still down 3.81% on a seven-day timeframe. Looking at the charts, it’s clear that SHIB still looks like it’s about to break out of a major downtrend that has been ongoing since early June.
The daily candlestick chart showed two consecutive green candles on Friday and Saturday, a bullish signal that crypto traders love to see. Notably, these green candles pushed many SHIB addresses into the profit zone. The number of holders who are making money at the current price now stands at around 47% of all addresses, a massive increase from 20.47%. Recorded on July 5.
Continuation of the current bullish momentum could easily send SHIB stock 2-3x higher from here in the near term. On the other hand, there is a possibility that this rally will be temporary before the downtrend continues.
To stop SHIBKeep this upward momentum going.The cryptocurrency market in general needs to shift towards a more bullish trend. SHIB could rise in tandem with Bitcoin if it can hold the current support levels and the latter surpasses $61,000 in the coming week.
Featured image by Dogster, chart by TradingView
