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Shiba Inu, the popular memecoin, has been making waves in the cryptocurrency market in 2024. Despite the recent market turbulence, SHIB price has managed to rebound by 25.4%, outperforming its rivals DOGE and PEPE, which have only seen gains of 5.6% and 22.1% respectively.
Taking a closer look at the on-chain data, it appears that Shiba Inu is attracting a significant number of new users. Recent trends show a surge in new user transactions, indicating a high demand for SHIB. This suggests that not only are new users joining the network, but they are also actively participating in economic transactions.
This increase in new user adoption could potentially drive the price of Shiba Inu even higher in the coming days. Based on the data, there is a possibility that SHIB price could reach $0.000013 as new users continue to bring in fresh capital.
However, it’s worth noting that there is a major obstacle at the $0.000012 level, as historical accumulation trends show a large number of SHIB holders acquired the token at that price. If these investors decide to book profits, it could cause a retracement in the price.
On the other hand, if new users continue to invest, the bulls could orchestrate a breakout above $0.000013, leading to further price gains.
It’s important to consider the downside risk as well. If the bears manage to push the price below $0.00008, there is a possibility of a major downswing. In this scenario, investors who acquired SHIB at an average price of $0.000009 may engage in short-covering purchases to avoid losses, potentially triggering a rebound.
In conclusion, Shiba Inu’s on-chain data suggests a strong influx of new users, which could drive the price higher. However, there are key resistance levels to watch out for, and the market could experience a downturn if certain conditions are met.
