- SHIB has surged by 4% in the last 24 hours.
Metrics indicate a potential price reversal.
As an experienced analyst, I believe Shiba Inu (SHIB) is at a critical juncture. While recent price action shows a 4% surge in the last 24 hours, the overall market conditions remain uncertain. SHIB has experienced a significant dip of over 38% since May 30th, leaving investors questioning its next move.
Shiba Inu‘s [SHIB] price stood at a pivotal point, leaving investors in a state of uncertainty. Is a price turnaround imminent, or will the widely-followed memecoin persist with its downward trend? A 4% increase in value over the past 24 hours hints towards the emergence of bullish energy.
From my perspective as an analyst, while the recent development may seem encouraging with SHIB‘s price decrease of more than 38% since the 30th of May, the bigger context raises some alarm. This disparity between short-term and medium-term performance has left investors in a state of uncertainty regarding SHIB’s future direction.
Currently, the cost of SHIB is at $0.00001741, marking a 0.5% increase over the past week. However, its trading volume has decreased by approximately 38.34%, reaching $135.50 million as of now.
The market exhibits low or minimal action, implying a state of hesitation or uncertainty, often referred to as a “watch and wait” phase.
The RSI of The Relative Strength Index is close to entering oversold territory, implying that a rebound could be imminent. Similarly, the MACD indicator shows waning bearish momentum, hinting at an upcoming price reversal.
Holder composition signals potential support
Based on the data from IntoTheBlock, I’ve observed that a large proportion of Shiba Inu investors have kept their holdings steady over the last year. This stability implies a solid base that could withstand potential price declines in the future.
Among the 77% of addresses that have held onto their cryptocurrencies for an extended period, this opportunity might serve as a significant point of resistance.
Long-term trend considerations
Based on IntoTheBlock’s findings, there has been a significant decrease of 80.45% in the amount of cryptocurrency flowing into accounts over the past 90 days, along with a dramatic reduction of approximately 92% in the amount of cryptocurrency being sent out.
As a crypto investor, I’ve noticed a noteworthy decrease in SHIB trading volume and activity during the last quarter. This could be due to external market factors or possibly a decline in enthusiasm towards the token itself.
Coinglass data was examined in depth by AMBCrypto to determine market trends. In spite of the market showing little definitive direction, investors holding long positions maintained dominance.
In simpler terms, when more SHIB is coming in (short-term inflows) while less is going out (outflows), this situation could be favorable for an uptrend in SHIB’s price in the near term.
The current market conditions, as indicated by this liquidity and price action signal, show that buyers are more actively driving the market than sellers. If this trend persists, we might witness a rise in prices.
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2024-07-01 12:07