- SHIB’s price has seen growth in the past few days.
Its weighted sentiment is at its highest in two months.
As an experienced financial analyst, I have closely monitored the cryptocurrency market and have taken note of Shiba Inu’s [SHIB] recent price growth and heightened sentiment. Based on my analysis, SHIB’s rally is backed by strong buying pressure and positive market sentiment.
Over the last three days, the price of Shiba Inu (SHIB) has surged by more than 10%, fueled by the broader upswing in the altcoin market. According to Santiment, a renowned on-chain analytics firm, SHIB’s value has risen by approximately 12% within this timeframe.
In the recent past, there has been a significant increase in SHIB‘s trading activity as evidenced by its daily trading volume reaching a high of $2.11 billion on May 29th, which is the highest it has been since March 17th.
SHIB is ready for more growth
A examination of SHIB‘s significant technical markers on the daily chart indicated authentic interest in the altcoin, underpinning its recent surge in value.
As a market analyst, I’ve observed that the Relative Strength Index (RSI) and Money Flow Index (MFI) for SHIB were reading 62.90 and 65.64 respectively, with both indicators indicating an uptrend at present. These figures suggest that more market participants are preferring to amass additional holdings of this meme coin rather than offloading their current positions.
Additionally, SHIB‘s Chaikin Money Flow (CMF), which signifies the capital flowing into and out of the SHIB meme coin market, was above zero at the current moment. The CMF value, identified at 0.02, suggested that purchasing force overshadowed selling pressure.
To validate the ongoing momentum of SHIB, AMBCrypto examined its Aroon Up Line indicator and identified a value of 92.86%.
The Aroon indicator assesses an asset’s trend intensity and possible turning points in its price trajectory. When the Aroon Up line nears 100, it signifies a robust uptrend, as the latest peak was attained not long ago.
Supporting the aforementioned perspective, the MACD chart for SHIB displayed its moving average convergence divergence lines in the following arrangement: the MACD line (represented by the blue line) hovered above both the signal line (orange) and the zero line.
If we organize the data in this fashion, it indicates that the short-term average price of the asset is greater than its long-term average, implying a potential continuation of the upward trend.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Based on the latest data from Santiment, the emotional tone attached to SHIB, as represented by its weighted sentiment score, stood at 2.66 – a figure not seen since March 4th.
As a crypto investor, I’ve noticed an uptick in optimistic chatter surrounding SHIB on social media platforms recently. This is more so than what I’ve observed over the last two months.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- MARS PREDICTION. MARS cryptocurrency
- WOM PREDICTION. WOM cryptocurrency
- HGPT PREDICTION. HGPT cryptocurrency
2024-05-30 13:11