- SHIB has made a significant recovery over the past day, rising by 9.09% – a veritable phoenix from the ashes!
- Shiba Inu buyers have returned to the market, resulting in a bullish crossover – like a dog returning to its favorite bone!
In a turn of events that would make even the most seasoned stockbroker raise an eyebrow, our dear Shiba Inu [SHIB] has been on a rollercoaster ride, plummeting to a seven-month low faster than a cat can knock a glass off a table.
But lo and behold! The memecoin has staged a remarkable comeback in the last four hours, bouncing from a paltry $0.000010 to a more respectable $0.00001213. It’s as if the little pup decided it was time to shake off the dust and strut its stuff!
As of the latest tick of the clock, SHIB was trading at $0.00001212, reflecting a delightful 9% increase in the past 24 hours. Prior to this upward jolt, however, the memecoin had taken a rather unfortunate tumble, experiencing a 23.79% decline over the past month. Talk about a dramatic flair!
Shiba Inu’s price rebound is akin to a sudden burst of sunshine after a week of dreary rain. Over the past day, SHIB’s Weighted Sentiment has turned positive, much to the delight of investors who were beginning to think they’d been sold a bill of goods.
This delightful change reflects a growing optimism among investors, who, like eager children at a candy store, seized the opportunity to buy the dip, contributing to this miraculous price turnaround.
Looking further into the crystal ball, this influx of buyers is evidenced by the fact that both Delta and Order Imbalances have turned positive. When these two turn positive, it suggests that there are more buy orders executed in the market than sell ones. A veritable feast for the hungry investors!
Thus, Shiba Inu is experiencing significant buying pressure, like a dog with a bone it refuses to let go of.
Additionally, Shiba’s flow into exchanges points to strong bullish sentiments as netflow turned negative. Coinglass reports that SHIB’s exchange outflows exceeded inflows over the past day, with a netflow of -60.84k. A negative spot netflow indicates strong investor accumulation, suggesting expectations of a near-term price rebound. Quite the clever little pup, isn’t it?
Can SHIB sustain the gains?
According to AMBCrypto’s analysis, SHIB has successfully tested $0.000010 support. This saw a strong bounce from this level to hit $0.000012, confirming that buyers have entered the market and defended the price level like a knight in shining armor.
The recent bullish crossover on Shiba Inu’s RSI confirms strong buying momentum, suggesting the potential for continued upward movement. This positions the memecoin for further gains on its price chart, much to the chagrin of those who thought it was down for the count.
If market sentiment remains positive and buying activity persists, SHIB could break out of the descending triangle and reclaim the $0.000013 level. However, if bullish momentum fades, a pullback may occur, pushing the memecoin down to $0.0000115. A classic case of “what goes up must come down,” wouldn’t you say?
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2025-03-13 02:18