Shiba Inu (SHIB), one of the most popular memecoins, has struggled to regain momentum after a prolonged downtrend since the start of the year. However, at the time of writing, SHIB witnessed a modest 2.20% price uptick as trader participation and Open Interest surged, raising hopes for a potential recovery.
SHIB’s Price Performance and Technical Setup
Currently trading at $0.00001255, Shiba Inu remains heavily correlated with Bitcoin’s price movements. As network adoption rises, analysts speculate whether SHIB can replicate Bitcoin’s recent recovery.
From a technical perspective, SHIB appears to be consolidating within a falling wedge pattern, a formation often signaling a bullish trend reversal. According to data from Crypto Sat on CoinMarketCap, a breakout above the critical resistance level of $0.00001260 could initiate a short-term rally toward $0.00001280, with a mid-term target of $0.00001320.
Moreover, SHIB’s Relative Strength Index (RSI) rose from 43 to 51 within the past 24 hours, indicating increased buying pressure. The MACD (12,26) and momentum indicators also suggest bullish sentiment, while short-term moving averages flash a ‘buy’ signal. However, long-term moving averages still reflect bearish pressure, as seen in SHIB’s low long-short ratio of 0.87.
Is SHIB’s Rally Sustainable or a Fakeout?
The memecoin market remains highly speculative, and SHIB’s recent uptick could be driven by ongoing developments within its ecosystem. Shibarium, the layer-2 blockchain solution for SHIB, is nearing the milestone of 10 million blocks. Additionally, the Shiba Inu team has been teasing SHIB OS, a decentralized governance solution aimed at enterprises and governments.
These advancements, coupled with increased whale activity, could sustain SHIB’s bullish momentum in the mid-term.
Shib OS: The Future of Decentralized Governance
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 13, 2025
Shib OS is a turnkey solution for governments and enterprises seeking to transition from outdated centralized models to transparent, efficient, and secure decentralized governance. Built on Shibarium, a scalable L2 blockchain, it… pic.twitter.com/T38vfPgBXA
Whale Activity and Market Sentiment
According to IntoTheBlock data, whales control 74% of SHIB’s total supply, with 60% of holders enduring losses for over a year in anticipation of a price rebound. A recent surge in large transactions and a 5.63% rise in Open Interest further suggest strong market participation, reinforcing the likelihood of a continued price uptrend.
If SHIB maintains its bullish momentum, a breakout above $0.00001260 could propel the price toward the $0.00001280-$0.00001320 resistance zone. Conversely, failure to hold current levels may see SHIB retest the $0.00001220 support.
Also Read: Shiba Inu (SHIB) Rebounds 5%: Is a Bullish Breakout on the Horizon?
Investors should monitor whale activity, network developments, and Bitcoin’s price movements, which could significantly influence SHIB’s trajectory in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
