Shiba Inu Shows Signs of Accumulation as Support Holds
Shiba Inu (SHIB) is maintaining its position above a crucial support level. This stability suggests that buyers are actively defending this area. On-chain data reveals a rise in new wallet addresses. This combination of strong support and network growth hints at an accumulation phase before a potential price rise.
Shiba Inu’s Price stability and Growing Investor Interest
Shiba Inu (SHIB) is holding steady above a key support level. This stability indicates strong buyer interest. On-chain data shows a rise in new wallet addresses, suggesting growing investor confidence.
After months of price consolidation, SHIB has stabilized near its value area low. This level has been tested multiple times but remains intact, showing that buyers are actively defending it. At the same time, an increase in new wallet addresses and holder activity suggests that investors are gradually accumulating SHIB, anticipating a bullish recovery.
supporting this outlook, SHIB’s token burn rate has surged over 7,000%, reducing the circulating supply and boosting bullish sentiment. From a technical viewpoint, SHIB’s current position near daily support highlights meaningful demand. The value area low has acted as a reliable floor through multiple retests, confirming the market’s valuation within this range.
- strong Daily Support: The value area low has held through several retests.
- Bullish Market Structure: Higher lows remain intact, maintaining upward momentum.
- On-Chain Demand: Rising wallet addresses support long-term bullish sentiment.
On-chain data further supports this technical picture. the number of wallet addresses interacting with SHIB continues to grow, reflecting healthy network activity and ongoing investor interest.This pattern typically precedes stronger market participation during recovery phases.
Provided that SHIB maintains support above its value area low, the probability of an upside continuation remains high. A decisive reclaim of the value area high could ignite a new bullish phase toward higher resistance. Conversely, failure to hold above support could extend the consolidation phase.
