Shiba Inu price prediction – Two reasons why SHIB investors are willing to hold

Higher timeframe bullish structure came hand in hand with a consolidation phase for Shiba Inu
Futures market showed bearish sentiment in the short-term

Over the last six weeks, SHIB‘s value, represented by the Shiba Inu cryptocurrency [SHIB], has been experiencing a pullback and stabilization period. The price chart doesn’t indicate any cause for concern for its holders. Instead, an excellent chance to buy more at a lower price might present itself if the SHIB prices decrease by approximately 15%.

An AMBCrypto analysis published not long ago indicated that transaction fees on Shibarium have been decreasing. This trend raises concerns as it may signal a decline in user engagement and potentially lower demand.

Short-term support level was flipped to resistance once again

Since March 15th, the $0.00003 mark emerged as significant on the 12-hour price chart. Bulls tried to make it a support level towards the end of March, but they failed to sustain it.

The recent bounce also halted at $0.00000295, just below this level. The RSI highlighted that the momentum was indecisive with a reading of 47. The Chaikin Money Flow was also similarly indefinite. It has not moved significantly beyond +0.05 or -0.05 since mid-March.

SHIB’s price behavior and technical signals suggest that it is currently experiencing a period of sideways movement. Crossing the threshold of the dotted white lines on the CMF indicator might serve as a preliminary indication of increasing buying (or selling) intensity, possibly signaling an upcoming trend for SHIB in that direction.

Dormant circulation gave investors confidence

An asset became undersold around mid-month as indicated by its 30-day MVRV ratio falling into negative figures. Conversely, the average coin age has been steadily climbing since March, reaching an upward trend. This is a robust sign for potential buyers, particularly with the token currently consolidating below resistance.

Over the last ten days, Open Interest has significantly decreased. This indicates that speculators have chosen to abstain from wagering on SHIB‘s price fluctuations in the market charts.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

In early March, there was a noticeable increase in the amount of dormant cryptocurrency circulating. At this time, the average age of coins in dormancy took a sharp decline. However, since then, the dormant circulation has remained relatively stable, indicating that recent weeks have seen minimal selling pressure and token activity.

2024-04-10 22:15

Short-term support level was flipped to resistance once again

Dormant circulation gave investors confidence

Read More