- SHIB was quiet last week as PEPE overshadowed other legacy meme coins.
SHIB’s market indecision meant that it could extend its price range.
As a researcher with experience in cryptocurrency markets, I have observed that Shiba Inu (SHIB) was overshadowed by Pepe (PEPE) last week, resulting in disappointing gains for SHIB’s short-term holders. PEPE, on the other hand, experienced significant price action and attracted immense trading volume, outperforming both SHIB and Dogecoin (DOGE).
Shiba Inu [SHIB] short-term holders were outperformed by their Pepe [PEPE] colleagues last week.
Over the last 5 business days, an analysis of Shiba Inu (SHIB) and Dogecoin (DOGE) price predictions revealed minimal growth for both coins, with less than 1% returns. On the other hand, PEPE experienced significant surge, providing a 22% profit opportunity for its investors.
As an analyst, I’ve noticed that PEPE has been setting new record highs in recent times, which may be piquing the curiosity of other memecoins such as SHIB.
According to CoinMarketCap’s latest update, PEPE boasts a staggering trading volume of $3 billion per day. In contrast, SHIB and DOGE have daily trading volumes of $500 million and $1 billion, respectively.
Put simply, PEPE had a trading volume six times larger than SHIB‘s and three times greater than DOGE‘s. Consequently, investors have experienced fear of missing out (FOMO) and driven the market surge for PEPE recently.
For those holding SHIB in the short term, this price action may be disheartening as the memecoin has shown little direction since mid-April, forming a sideways pattern. However, is it reasonable to anticipate a breakout for SHIB, and what potential milestones should we keep an eye on?
Let’s explore charts for some insights.
SHIB price prediction: The boring consolidation phase
Beginning from mid-April, SHIB‘s value has stayed beneath $0.000027. During this timeframe, its price has oscillated between the 50% and 61.8% Fibonacci retracement levels.
Although we’ve tried pushing past the resistance level several times, this area has acted as a significant barrier to any potential price increase. Notably, it also functions as a bearish order block, denoted by the red markings.
Shibuya Inu (SHIB) investors who are bullish on the cryptocurrency may be elated if they manage to surmount the obstacle by recording a strong daily closing price above the 50% Fibonacci resistance level.
As an analyst, I’ve observed that the Relative Strength Index (RSI) of SHIB hasn’t shown significant buying pressure yet to trigger an upside breakthrough. Consequently, it’s plausible that SHIB may continue to stagnate for some time.
In simpler terms, the uncertainty between neutral and bearish market conditions was reinforced by conflicting indicators from the futures market and on-chain data.
As a researcher examining the cryptocurrency market trends, I’ve noticed some intriguing contrasts between the derivatives and on-chain data for SHIB. According to Coingecko, the open interest (OI) in SHIB futures contracts has spiked up to approximately $90 million. This surge suggests a growing bullish sentiment among traders in the futures market. However, I’ve also observed conflicting signals from on-chain data. These indicators, such as network activity and whale transactions, have shown signs of bearish trends for SHIB. The divergence between these two sets of data raises some interesting questions about the potential price movements for SHIB in the near term.
As a researcher observing the market trends, I’ve noticed an intriguing development: The quantity of SHIB tokens listed on exchanges experienced a significant increase, indicating a strong wave of selling pressure.
As a researcher examining the sentiment towards Shiba Inu (SHIB) prices, I’ve noticed that the tone has shifted into negative territory. This indicates that the general attitude among investors and market participants is pessimistic regarding SHIB’s future price performance.
Read Shiba Inu Price Prediction 2024-2025
The network traction hasn’t picked up, too, as established by a recent AMBCrypto report.
Should SHIB continue to build steam, it may expand its pricing spectrum in search of the necessary force for a breakthrough. This scenario would provide an opportunity for savvy SHIB investors to capitalize on price fluctuations for both profit realization and strategic re-entry.
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2024-05-28 05:11