- SHIB’s price fell by over 3% in the last 24 hours
A few metrics and indicators hinted at a trend reversal soon
As a researcher with experience in analyzing cryptocurrency markets, I’ve been closely monitoring Shiba Inu’s (SHIB) price movements over the past few days. Based on my analysis of recent data and trends, here’s my take:
Shiba Inu [SHIB], which had been showing signs of a bullish trend a few days ago, indicating potential for a significant price surge, experienced an unexpected downturn instead within the past day.
Shiba Inu’s bullish move
As an analyst, I’ve noticed that Shiba Inu, the second-largest memecoin in the market, formed a bullish flag pattern in March. During this time, the memecoin remained consolidated within the confines of the pattern for several weeks. However, on 14 May, SHIB managed to break above the bullish flag pattern’s resistance level. This development was an indication that Shiba Inu could potentially regain its bullish momentum and reach its previous highs from March once again.
After the initial outbreak, SHIB encountered a setback within a few days as bears became more aggressive. According to CoinMarketCap’s data, SHIB experienced a decline of over 3% within the previous 24-hour period.
As I pen down these words, SHIB is currently exchanging hands at a price of $0.00002482 in the cryptocurrency market. With a market capitalization surpassing $14 billion, it ranks as the 11th largest crypto asset in terms of market value.
As a crypto investor, I find the current price trend of SHIB worrying, but I believe there’s more to this story. It’s possible that SHIB is merely testing its support level at $0.0000236 before bouncing back and regaining bullish momentum towards $0.00003 in the upcoming weeks.
Which way will SHIB go?
As a crypto investor, I’d like to share some insights I gained from analyzing SHIB‘s on-chain metrics with you. Based on my assessment of Santiment’s data, the MVRV ratio of SHIB has been trending downwards over the past few hours. This indicates that fewer investors are currently experiencing profits with their SHIB holdings. As a result, it remains to be seen whether this trend will lead SHIB to test its support levels or if bullish momentum will emerge beforehand.
Instead of “In fact, SHIB’s exchange outflows decreased as well, implying that investors have not been purchasing SHIB. On the other hand, its active deposits significantly surged last week. This indicates that investors were offloading their holdings – A potential warning for a possible price downturn.”
Contrary to AMBCrypto’s interpretation of Glassnode’s findings, there was a bullish signal detected in the data. Specifically, Shiba Inu’s Network Value to Transactions (NVT) ratio experienced a significant decrease on May 13th.
Initially, a decrease in metrics signifies that an asset is underpriced, implying that Shib may shift to a bullish trend prior to hitting its support level.
As a crypto investor, I closely examine SHIB‘s daily chart provided by AMBCrypto to gain insights into its future price movements. Based on my analysis, the Relative Strength Index (RSI) of SHIB has slightly risen above the neutral zone, indicating a potential bullish trend.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
Despite some conflicting signals from other indicators, the Money Flow Index (MFI) declined, and the Chaikin Money Flow (CMF) stayed below the neutral threshold. This suggests that SHIB could challenge its support level at $0.0000236.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- ADS PREDICTION. ADS cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
2024-05-18 03:03