- SHIB has seen its first price increase in a month, potentially sparked by another Elon Musk speculation.
Despite the uptick, SHIB’s overall trend remained bearish.
As a long-term crypto investor with experience in analyzing various digital assets, I’ve followed Shiba Inu (SHIB) closely. Despite the recent price increase sparked by Elon Musk’s latest tweet about X Payments, SHIB’s overall trend remains bearish.
Shiba Inu (SHIB) has seen its first price rise in over a month, igniting discussions about the possible resurfacing of bullish trends.
Following several weeks of decrease and no progress, the memecoin experienced a surprising surge in value when Elon Musk revived discussions about X Payments.
SHIB bulls are still around
Examining the SHIB/USDt chart presented here, it’s clear that the price trend is primarily downward. This is suggested by the persistent drops below not just the 50-day moving average but also the 200-day moving average.
The MACD indicator exhibits minimal oscillations near the zero mark, suggesting a weak trend without significant momentum in either direction until lately.
Analysts view a small increase where the MACD line surpasses the signal line as a sign of emerging bullish trend based on the MACD’s calculation.
SHIB’s price stabilized around forty-eight hours ago.
The meme coin’s price has primarily stayed between the Bollinger Bands, with occasional spikes above or below these bands as shown below.
At present, the RSI, or Relative Strength Index, is registering a value below the halfway mark of 50. This signifies that the selling pressure has subsided somewhat, yet the market’s general outlook continues to lean toward pessimism.
SHIB is not bullish
For the previous two days, the Shiba Inu token (SHIB) has experienced intense market volatility as investors hold contrasting views on its future price direction.
As a crypto investor observing the market trends, I noticed that the Ichimoku Cloud consistently hovered above the pricing chart throughout the observed timeframe, suggesting a predominantly bearish outlook.
Based on the most recent data, as SHIB neared the resistance level forming a cloud, there were signs of a potential shift in trend. Breaking through this barrier might lead to a brief uptick in price, suggesting a bullish reversal. However, it’s important to note that such a move may not last long-term.
Approximately half of SHIB investors were generating profits with the current price level, which was a positive indicator for the broader market mood. Nevertheless, nearly half of the investors faced losses.
The trading activity for SHIB has significantly increased, along with a surge in user interaction. Nevertheless, the “In the Money” signal showed bearish tendencies, suggesting that numerous wallets held SHIB at a price lower than its current value.
All of SHIB’s on-chain signals were currently bearish, but exchange signals were bearish.
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2024-06-19 16:07