The price of the top Shiba Inu meme coin (SHIB) has increased significantly over the past week. Thanks to the broader meme market rally, SHIB’s price has risen more than 50% in the last seven days and is now trading at a six-month high of $0.000025.
At the current price, SHIB is trading just below the key resistance level of $0.000028. With buying pressure increasing, the question remains: can the bulls turn this level into solid support?
Shiba Inu Sees Increased Buying Pressure
On-chain analysis of SHIB’s performance shows that a significant increase in the number of daily active and new addresses is driving its recent growth. Last week, the number of unique addresses involved in at least one SHIB transaction increased by 346%, according to IntoTheBlock.
Additionally, the daily number of new addresses created to trade the meme coin increased by 458% over the same period, indicating a significant influx of new participants into the network.
Rising prices, accompanied by an increase in daily active and new addresses, signals increased interest and wider market participation in the asset. In the case of Shiba Inu, the increase in the number of addresses along with rising prices suggests growing demand and a new influx of participants, further supporting the optimistic outlook.
Growing open interest in SHIB supports this bullish outlook. Open interest in the meme coin currently stands at $108.44 million, the highest level since May after rising 12% in the last 24 hours.
Open interest measures the total number of outstanding or open contracts (futures or options) in the market. When it rises along with the asset price, it means new liquidity is entering the market. This combination is a bullish indicator, signaling the possibility of continued growth.
Shib price forecast: Rally past this wall
If SHIB’s current uptrend continues, its price will likely break through the $0.000028 resistance wall. Passing this level will lead to an increase in Shiba Inu prices to $0.000032, the maximum last seen in March.
However, if market sentiment turns bearish and SHIB holders begin to book profits, a pullback to $0.000019 could follow, with the asset attempting to establish support at that level.
