Shiba Inu's On-Chain Surge Not Yet Bullish
Shiba Inu's on-chain activity has seen a significant increase of around 42% in recent times. While this might initially suggest that demand for SHIB is rising, a closer look at the price chart reveals why it's premature to call it a bullish confirmation.
The token's trading price currently stands at around $0.00000521, having made notable progress since its July low of about $0.0000041. However, this recovery has repeatedly stalled before a true long-term trend reversal could develop.
One key barrier that SHIB faces is located between $0.0000056 and $0.0000057, where the long-term moving average is still descending. The token momentarily broke above this area during its late-August spike but failed to sustain the breakout, swiftly falling back beneath resistance.