NOIDA (CoinChapter.com) — Shiba Inu (SHIB) fans continue to celebrate minor developments on the platform as bullish signals, with each new development being the so-calledShivami‘ Guess when SHIB price will reach $1.
SHIB fans celebrated the increase in the number of active accounts on memecoin’s blockchain solution, Shibarium. According to data from Shibariumscan, the number of active accounts jumped from 554 to 826, a 49% jump. The number of new accounts per day also surged to 186. However, the indicator does not necessarily interpret as a bullish signal for the SHIB token, and only suggests a slight spike in on-chain activity. An increase in on-chain activity does not necessarily translate into a bull market for the asset, and any bullish declaration for the SHIB token is likely premature.
SHIB price forms a bullish pattern.
The movement of Shiba Inu token price is ‘falling wedge,’ is likely to trigger a bullish indicator for SHIB. A pair of converging trend lines forms a descending wedge pattern. This pattern occurs when an asset’s price makes lower highs and steeper lows than the highs.
Familiar patterns usually indicate a possible bullish reversal. The target price of the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point. A significant breakout can signal strong market confidence, making the trend more likely to continue.
Following technical analysis rules, SHIB price could surge more than 117% if the pattern unfolds, reaching the theoretical price target near $0.000021. Historically, this pattern has been a harbinger of significant strength coupled with increased volume, making SHIB fans optimistic about future gains.
SHIB Bull Run Stutters Begin Sales for Bears
Meanwhile, the SHIB price upward trend that lasted for 9 days appears to be losing strength. Memecoin’s price surged about 3% to a daily high near $0.0000099 on February 15 before rebounding from declines. If the selling continues, SHIB price may fall towards the 100-day EMA (blue wave) near $0.00000921. A violation of immediate support could see the price of memecoin testing support near $0.00000856 before recovering again.
The RSI is above 50 but below the overbought threshold of 70 and stands at 61.31 on the daily chart, indicating there may be more room for price upside before the asset becomes overbought. So, if the rally continues, SHIB price may break above the immediate resistance near $0.0000104 before targeting resistance near $0.0000115.