Shiba Inu Price Shows Early Signs of a Double Top

2 November 2022

in SHIBA

Reading Time: 4 mins read

Shiba Inu (SHIB) price has reached a 50-day price high, trading at $0.0000126 amid meme token mania continuing to take over the market.

With Elon Musk making waves in the crypto market as meme tokens are ruling Twitter, Dogecoin-killer Shiba Inu has seen a growth in price. Shiba Inu price appreciated by almost 53% in less than 14 days trading at a local high of $0.0000126 at press time.

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There have been continued signs of growth in the Shiba Inu price. A look at SHIB 1-day price chart suggested that it has been in an uptrend for almost 12 days now. On a weekly chart, Shiba Inu price was up by 20.73%.

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SHIB/USDT 1-day | Source: Trading View

While SHIB daily RSI was still hovering in the overbought zone, there were a few signs of the recent rally weakening as trade volumes had calmed down.

At press time, SHIB price traded at $0.00001205, charting close to 9.95% daily losses.

The recent rally made a notable difference in SHIB all-over trajectory. As per data from IntoTheBlock, SHIB holders saw a rise of 53.58% over the last 30-days, presenting a strong holder base for the meme token.

The holder base for SHIB grew while cruisers saw a 22.16% drop over the last 30-day. This could suggest that short-term holders are keeping their investments for the long haul and slowly becoming part of the so-called “diamond hands.”

This can also be seen in the network activity as new SHIB addresses spiked by a staggering 80% over the last 7-days. The number of new Shiba addresses saw a notable spike on Oct. 29 when the SHIB price saw a local top.

New addresses skyrocketed to 3,200, while active addresses stood at 11,000 on Oct. 29.

Although the new SHIB addresses count had dropped by 15% from the Oct. 29 level, it noted an 80% spike on a week-over-week basis.

The 7-day active address change also rose 62.84%. So, as participants still flocked to SHIB despite the price action weakening, where will the SHIB price go from here?

SHIB Price Prediction: Signs of a Double Top?

Shiba Inu price made a local top at $0.00001519 recently, after which it started to make lower lows while still trading in green.

Notably, SHIB price was losing momentum at press time, charting over 9% losses. As per trader and analyst Altcoin Sherpa, Shiba Inu price could form a double top pattern in November, making another local top around the $0.00001519 mark.

Shiba Inu price Source: Twitter — Source: Twitter

From an on-chain perspective, looking at SHIB Age Consumed metric, it presented some anomalies as over 3 trillion tokens was moved on Nov. 2. Old tokens being moved could be one reason behind SHIB short-term price pullback.

SHIB on chain activity. Source: Sanbase — Source: Sanbase

Still, with Elon Musk hinting at his support for meme tokens on Twitter, the same can help sail Dogecoin and Shiba Inu boat. Recently, Musk tweeted Shiba Inu-breed dog wearing a Twitter t-shirt, which sparked speculation.