The Shiba Inu price has been constantly recording a weak action over the past few days. Despite the bearish sentiment around SHIB, the optimism among the Shiba Inu’s investors is on a constant rise. This highlights increasing trust among the investors and adoption in the real-world application of its ecosystem.
Lucie, the marketing lead of Shiba Inu, with a substantial followers of 168.2k has recently expressed optimism toward SHIB memecoin with the support of statistical data. Through the post, light was shed on Shiba Inu hitting a new ATH in terms of wallets holding SHIB tokens.
As per reports, 1,511,101 wallets now hold SHIB meme coins which sums up to a total of 0.011% of the world population. Following this, optimism was expressed as the post concluded with a quote that “the army is growing, the mission is alive.” Notably, at the time of writing the value of one Shiba Inu token was $0.00001268.
Will the growing holders impact the price in a huge way this quarter?
The Simple Moving Average (SMA) hovers extremely close to the Shiba Inu price chart. Considering the market sentiments, the trend displays a high possibility of a positive crossover. This suggests a bullish outlook for the meme coin this week.
The Relative Strength Index (RSI) has successfully experienced a bullish reversal above the oversold range and is heading toward the neutral trend line. Moreover, it is currently valued at 42.17 (Neutral) with a positive convergence with its average trendline. This hints at increasing bullish action for it in the market.
How High Can SHIB Memecoin Realistically Go?
The Shiba Inu price could retest its immediate resistance levels of $0.00001340 and $0.00001975. A sustained bullish price rally could result in this memecoin heading toward its February high of $0.00002250. Taking into consideration the market sentiments, a sudden spike in the adoption process may push the value of it beyond its $0.00002575 mark.
On the contrary, the crucial support for the SHIB price still stands at $0.00001065, making it a pivotal price point for the 2nd largest memecoin in the market.
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