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 Shiba Inu Price Insights:

  • Shiba Inu (SHIB) price delivered 18% returns for investors this week as the bullish buyers seized market control. 
  • On Friday, November 10, Receiving addresses surpassed the number of Sending Addresses, validating the dominant buying momentum.  
  • With the latest SHIB price upswing, SHIB appears to be approaching the overbought territories.

Shiba Inu (SHIB) price delivered 18% gains this week as the bullish crypto investors continue to lean heavily into the memecoin market. On-chain analysis beams the spotlight on how the Shiba Inu bulls seized control of the market.

Shiba Inu price, Dogecoin (DOGE), and PEPE, the top-ranked large-cap memecoin projects, delivered double-digit gains this week. As the meme coin market revival in H2 2023 intensifies, can SHIB flip DOGE as the top performer?

Shiba Inu price performance this week has been attributed to the crypto market rally and a strategic SHIB burn event. But looking beyond the media headlines, latest on-chain data readings explicitly outline how the bullish buyers gradually seized control of the SHIB market over the past month. 

On November 10, Shiba Inu recorded 2,732 Receiving Addresses, which is significantly higher than 1,945 Sending Addresses. A closer look at the chart reveals that number of unique addresses buying SHIB have consistently exceeded the Sending (or selling) Addresses in each of the last 35 trading days, dating back to October 8 2023. 

Shiba Inu (SHIB) Sending Addresses vs. Receiving Addresses | Source: Glassnode
By adding up the daily number of recipient wallets, the Receiving Addresses metric gives an estimate of the number of unique buyers purchasing the underlying token. Conversely, the Sending Addresses metric is taken as an estimate of the number of existing holders offloading, selling or transferring out their tokens. 

Logically, when the number of buyers (i.e. Receiving Addresses) exceeds the number of sellers (Sending Addresses) for a prolonged period, it signifies a dominant buying momentum.  Hence, the number of Shiba Inu buyers exceeding sellers in each of the last 35 days implies that the bullish buyers now dominate the market. 

This metric is likely to accelerate the on-going SHIB price rally for two reasons. 

  • Firstly, as expected of a market where buyers are higher prospective sellers, the bullish pressure has already sent the SHIB token price into a 30% upswing between October 9 and November 10. 
  • Furthermore, in affirmation, the chart clear illustrates how SHIB price has often increased exponentially whenever the Receiving Addresses (blue trend-line) surpasses Sending Addresses (red trend-line) over an extended period of time, and vice-versa. 

Hence, if SHIB buyers continue to outnumber the sellers, this historical pattern will likely reoccur and trigger another SHIB price leg-up in the days ahead. 

Shiba Inu Price Prediction: Can the Rally Reach $0.00002? 

From an on-chain standpoint, the bullish buyers appear firmly in control of the Shiba Inu market. If this trend persists for another month, SHIB price rally could retest the $0.00002 area. 

However, the historical price trends show that the bulls must first scale the initial resistance at the $0.000011. Notably, the previous Shiba Inu price rally back in August had rejected at $0.00001. In essence, many current SHIB holders could see it as a strategic exit point.

Shiba Inu (SHIB) Price Forecast | Source: TradingView
But on the flip side, the upper Bollinger bands of $0.0000083 is current below the current SHIB price of $0.0000093. When the current price surpasses the Upper Bollinger bands bearish investors may take it as signal that the SHIB is approaching overbought territory. 

If the bears captalize on this, they could for a price correction in the coming days. However, given the dominent buying momentum the support wall at the lower Bollinger Band around $0.0000080 could prove daunting. 

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