- Shiba Inu’s price declined by more than 12% in the last seven days
Metrics and market indicators seemed bullish on SHIB’s charts
As a researcher, I have closely monitored the recent price decline of Shiba Inu (SHIB), which saw a 12% drop over the last seven days. However, despite this bearish trend, my analysis indicates that there are bullish signs on SHIB’s charts.
Shiba Inu (SHIB) has experienced disappointing performance over the past few days, with its weekly and daily charts displaying a downtrend in red. Nevertheless, investors should remain optimistic as this extended bearish trend could be a sign of an impending significant bull market, potentially leading SHIB to new peak levels shortly.
Shiba Inu is consolidating
As a crypto investor, I’ve noticed that Shibaswap (SHIB) has taken a hit in the past week, with its price dropping by nearly 12%. This decline is evident in its 24-hour chart, which remains red as SHIB continues to trend downward. At present, SHIB is trading at $0.00001795 and boasts a market capitalization exceeding $10.58 billion.
As a crypto investor, I’ve noticed from AMBCrypto’s analysis of IntoTheBlock’s data that only around half of SHIB investors are currently in profit due to this recent price correction. However, I believe there might be more to the story as SHIB appears to be consolidating within a bullish pattern on the charts. This could indicate potential for further gains in the future.
Our examination uncovered that SHIB has been confined to a particular design since early March. During this time, SHIB has encountered rejection on two occasions when attempting to breach the upper boundary of the descending triangle formation.
As a market analyst, I’ve observed that at the current moment, the memecoin is undergoing a crucial test of support on its price chart. A successful outcome from this test could potentially spark a robust bullish trend, pushing the coin’s value towards reclaiming its March highs within the upcoming weeks or months.
Will SHIB begin a rally?
Based on the potential signs of a shift in trend, AMBCrypto examined SHIB‘s on-chain statistics to gain insights. Our assessment indicated a surge in purchasing interest for SHIB during the past week. This was demonstrated through increased exchange outflows – a clear indication that investors were withdrawing SHIB from exchanges for personal wallets. Moreover, the increase in SHIB’s supply off exchanges and decrease on exchanges served as further confirmation of buying pressure.
Over the past few days, there has been notable purchasing activity among whales regarding the memecoin, as indicated by a rise in the coin holdings of large wallets.
As an analyst, I’d rephrase it as: At the time of reporting, SHIB‘s fear and greed index stood at 36%. This figure suggests that the market is in a “fear” phase according to this metric. Historically, when the index reaches this level, there’s a significant possibility for price increases to follow.
As a researcher studying the cryptocurrency market, I examined the daily chart of Shiba Inu (SHIB) using the analytical tool known as the Relative Strength Index (RSI). The findings indicated that SHIB had entered the oversold territory on the RSI scale.
As a crypto investor, I’ve noticed an encouraging sign with the Chaikin Money Flow (CMF) for Shiba Inu (SHIB). This indicator has recently spiked upwards, suggesting that money is flowing into the market and potentially setting the stage for green candles on the SHIB charts. However, it’s essential to keep in mind that the Moving Average Convergence Divergence (MACD) remains bearish. The MACD continues to provide an edge to sellers, indicating a persistent bearish trend in the market.
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2024-06-22 15:35