- Shiba Inu’s price increased by more than 1.5% in the last 24 hours.
- Most metrics and market indicators were bullish on the memecoin.
As a seasoned crypto investor with a deep understanding of the market, I’m closely monitoring Shiba Inu’s [SHIB] price movements and analyzing various metrics to gauge its potential future course. The recent bullish trend in SHIB is an interesting development, especially after its steep decline last week.
Shiba Inu (SHIB), the second-largest meme cryptocurrency, experienced a significant price decline last week, reaching a low of $0.000013. Subsequently, there was a brief rebound, but this uptrend did not last.
Meanwhile, whales made a few interesting moves, which could indicate SHIB’s future course.
Shiba Inu’s rollercoaster ride
Last week saw SHIB hit its lowest point at $0.0000174, which was subsequently its least strong peak. However, the trend for SHIB turned bullish following this low point. Over the past 24 hours, there has been a significant rise in SHIB’s price, amounting to over 1.5%.
As a crypto investor, I’d express it this way: Currently, Shiba Inu (SHIB) is priced at $0.00001677 per token and boasts a market capitalization exceeding 49.88 billion dollars. This positions SHIB as the 13th largest cryptocurrency by market size in my portfolio.
Recently, Santiment shared on Twitter some insights into the behavior of whales involving Shiba Inu as its token prices fluctuated. According to their tweet, these prominent Shiba Inu investors were transferring their coins off exchanges.
This clearly meant that they were accumulating SHIB as they were confident in the memecoin.
To determine if the buying demand was strong in the market for SHIB, AMBCrypto examined the data provided by Santiment. Notably, there was a significant decrease in the amount of SHIB tokens held on exchanges as indicated by our analysis.
As the occurrence transpired, the amount available outside of exchanges grew, implying an uptick in demand for purchases.
Its Exchange Outflow also spiked, further establishing the fact that investors were buying.
As a crypto investor, I’ve noticed an intriguing development in the Shiba Inu market last week. The quantity of Shiba Inu tokens held by top non-exchange wallets has seen a significant rise. This trend suggests that these large investors, or “whales,” are actively accumulating Shiba Inu, indicating a strong intent to hold onto their investments for the long term.
Will buying pressure be enough to begin a rally?
Beyond the surge in demand for purchasing, the indicators of SHIB‘s derivative market also displayed a bullish trend. An analysis by AMBCrypto using Coinglass’ data uncovered an upward shift in SHIB’s Long/Short Ratio.
The market showed a greater number of investors holding long positions on SHIB compared to those with short positions. This indicates a strong optimistic outlook among investors towards SHIB.
Based on our examination of the Shiba Inu daily chart, several indicators pointed to a bullish trend. The moving average convergence divergence (MACD) line experienced a bullish crossover. Additionally, the Chaikin Money Flow (CMF) indicator showed an increase.
As an analyst, I’ve observed a comparable upward trajectory on the charts for the Relative Strength Index (RSI) of SHIB. This observation aligns with the possibility of SHIB experiencing a bullish surge based on these technical indicators.
The Bollinger Bands signaled that SHIB‘s price was approaching a more stable area, potentially indicating a period of reduced volatility and slower price movements for investors.
Based on an analysis by AMBCrypto of Hyblock Capital’s findings, Shiba Inu could potentially reach a price of $0.0000177 if it experiences a bullish trend in the near future. On the other hand, if bears gain control, the price may be driven down to $0.000012 instead.
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2024-07-10 19:03