- Shiba Inu was up by nearly 10% over the last seven days.
- Most market indicators supported the possibility of a bullish breakout.
As a researcher, I’ve been closely monitoring the price movements of Shiba Inu (SHIB) over the past week. Based on my analysis of the data, SHIB had a remarkable bullish run, with its price surging by nearly 10% in just seven days. However, the last 24 hours saw a slight drop in price, causing some concern among investors.
As a Shiba Inu (SHIB) investor, I experienced a promising week with double-digit price increases for my SHIB holdings. Yet, in the past day, the market took a turn for the worse as bears reemerged, causing some unease among investors.
Investors need not give up faith; Shib may be gearing up for another bull market surge imminently.
Shiba Inu’s bullish move
According to CoinMarketCap’s latest findings, Shiba Inu’s price experienced a significant increase of almost 10% over the past week. However, there was a noticeable shift in the last day, with the meme coin experiencing a decline close to 3%.
Currently, SHIB is being bought and sold for around $0.00002386 in value, while its total market worth exceeds $14 billion.
I found it intriguing that despite a weekly price increase for SHIB, the overall sentiment towards it became bearish based on its Weighted Sentiment indicator, which shifted into negative territory.
I’ve analyzed the data and found that the social volume of SHIB has decreased, indicating a decline in its popularity. Additionally, according to AMBCrypto, there was a significant reduction of approximately 97% in transaction activity on SHIB’s layer-2 platform, Shibarium.
Despite the ongoing downtrend in SHIB‘s price, there are signs of an impending reversal. A bullish flag pattern emerged on its chart at the start of March, indicating potential consolidation within this pattern.
Currently, SHIB is undergoing a test of its resistance levels. A potential breakthrough of this flag pattern may lead to an impressive bull run in the near future.
Is a breakout inevitable?
After examining the data from Santiment, AMBCrypto identified a slight uptick in selling pressure for SHIB, indicating potential resistance to further price increases.
This was the case as SHIB’s Supply on Exchanges increased.
The MVRV ratio, a bearish indicator, dropped over the past few days. On the other hand, there were signs of buying activity from whale investors, as evidenced by a slight increase in Shiba Inu’s circulating supply held by large addresses.
As a researcher studying the Shiba Inu (SHIB) cryptocurrency market, I’ve observed some positive signs that could potentially lead to a successful price breakout. Specifically, certain market indicators have displayed bullish tendencies towards SHIB. One such indicator is the Money Flow Index (MFI), which has seen a significant surge in value. This uptick suggests increased buying pressure and could be an early sign of a potential price rally.
The Chaikin Money Flow indicator shifted positively, signaling a bullish trend, while the Relative Strength Index suggested bearish sentiment.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
After examining Hyblock Capital’s figures, AMBCrypto identified potential price levels for Shiba Inu (SHIB) if a breakout occurs. Based on our assessment, SHIB’s value could initially touch $0.000026 in such a scenario.
At that point, the meme coin’s price may experience a minor decrease due to increased liquidations. However, if it manages to surpass that threshold, SHIB could potentially reach $0.00003 by the upcoming weeks.
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2024-05-20 13:11