Shiba Inu Bulls Push 7.6% Higher Despite Bearish Pressure

Shiba Inu bulls are back, pushing prices up by 7.6% in just 24 hours. This comes after a tough drop, when SHIB lost 11% earlier this week. Despite the broader crypto market slump, Shiba Inu’s community stays strong. Positive signs from long-term holders and increased network activity suggest a potential bullish rebound.

Long-Term Holders Show Confidence

The recent price swings have not shaken Shiba Inu’s long-term holders. Even after the sharp decline, SHIB’s coin holding time has increased since December 8. This metric tracks how long a coin stays in a wallet without being sold. 

A rise in holding time indicates that holders are confident and not in a rush to sell. In contrast, a decrease would signal doubt and likely point to bearish sentiment. So, this increase is a positive sign for Shiba Inu’s future price.

Network Activity Supports Rebound

Shiba Inu’s price is also getting a boost from network activity. The Daily Active Addresses (DAA) divergence for SHIB is currently at 33.65%. This divergence measures the connection between user activity and price movements. A positive divergence typically leads to price gains.

SHIB has bounced back from its weekly low of $0.000025. Bullish sentiment is evident, with a 5.3% rise in open interest. The Accumulation/Distribution (A/D) indicator shows rising buying pressure, pointing toward a possible price increase.

For SHIB to maintain this momentum, bulls must defend the support level at $0.000024. If successful, SHIB could climb to $0.000034. However, if bears break this support, the price may fall to $0.000019. The next few days will be key to determining SHIB’s next move.