Shiba Inu Price Shows Early Signs of a Double Top

Shiba Inu Price Shows Early Signs of a Double Top

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. 

Shiba Inu price blasts off 

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%.

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.”

Source: IntoTheBlock
Source: IntoTheBlock

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.

Shiba Inu price
Source: IntoTheBlock

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.

Amid the hype and social attention that meme coins could see with Musk hinting at Dogecoin payments on Twitter, Shiba Inu could rise in tandem. If so, the next bullish target for SHIB price should be $0.000014, which also acts as strong resistance as over 6,560 addresses hold over 796 billion tokens.

Shiba Inu price Source: IntoTheBlock
Source: IntoTheBlock

In case of further bearish pullback, the $0.000011 mark can act as the next strong support for Shiba Inu as over 31,380 addresses purchased over 18 trillion tokens at this price level. 

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