SHIB On-Chain Surge May Not Be Enough

Shiba Inu's on-chain activity has seen a significant increase of around 42%, but experts warn that this may not necessarily be a bullish signal. While higher on-chain activity can indicate increased demand and buying pressure, it is essential to look at the bigger picture.

The current price of SHIB is around $0.00000521, which has recovered from its July low of about $0.0000041 but still struggles to establish a long-term trend reversal.

One notable barrier for SHIB is the resistance level between $0.0000056 and $0.0000057, where the long-term moving average is still descending. In late August, SHIB briefly broke above this area but failed to sustain the breakout.