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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Fundamentals Look Strong, When Will SHIB Price Follow?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu SHIB

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Despite strong fundamentals, the Shiba Inu (SHIB) price is currently struggling to leave bearish territory. Since the local high of around $0.000016 on February 4, all attempts to generate new upward momentum have failed. Now SHIB may be facing a turning point.

Fundamentals Support The Shiba Inu Bulls

At least the underlying fundamentals provide some hope for the Shiba Inu bulls. As analyst Ali Martinez pointed out via Twitter, Shiba Inu recorded its largest increase in daily active addresses in a year at the end of March.

In one day, 35,788 unique SHIB addresses interacted with the network. Generally, network activity is seen as a bullish metric that precedes price increases.

Shiba Inu addresses
Shiba Inu daily active addresses Source: Twitter @ali_charts

Also showing a favorable bias are the SHIB burns. As reported by Shibburn, 6.78 billion SHIB tokens were burned with 540 transactions in the entire month of March. Both the absolute number of SHIB destroyed and the transaction count thus show a significant increase compared to the previous month of February.

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1 year ago

In that month, only 352.21 million SHIB were burned in 128 separate transactions through community burn initiatives. Overall, the March burn is the highest since October 2022.

🔥🔥🔥 6,782,788,547 $SHIB tokens have been burned in the month of March with 540 transactions. #shib

— Shibburn (@shibburn) April 1, 2023

In January 2023, 1.12 billion were burned in 223 transactions; in December 2022, 2.072 billion SHIB (in 349 transactions); in November 1.922 billion SHIB (in 381 transactions); and in October, 9.05 billion SHIB (in 2,433 transactions).

SHIB Price At Turning Point

A look at the 4-hour chart of SHIB shows that in the last week of March, the price was able to break a downward trend that had persisted since the beginning of February. However, the subsequent upward movement is not very convincing.

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Despite the earlier breakout, the Shiba Inu price is struggling to maintain its upward trajectory. In fact, the SHIB price has failed to break the series of lower lows. The April 1 high at $0.00001152 was lower than the March 14 local high.

Shiba Inu price SHIB
SHIB price, 4-hour chart | Source: SHIBUSD on TradingView.com

The 1-day chart of SHIB reveals a similar pattern. At the beginning of February 2023, SHIB managed to break out of a downward trend that had lasted since August 2022. However, the price couldn’t maintain its trajectory and fell back below the trend line a few weeks later.

The breakout seen in recent days also looks rather weak. SHIB bounced off the key resistance at $0.00001122 and is retesting the trendline today.

For SHIB bulls, it is of utmost importance to defend this trend breakout. Otherwise, a retest of the local low at $0.0000965 from March 10 could be imminent.

Shiba Inu price SHIB
SHIB price at turning point, 1-day chart | Source: SHIBUSD on TradingView.com
Featured image from Shunsuke Ono / Unsplash, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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