- Shiba Inu’s price started to consolidate in a bullish pattern since the 15th of July.
SHIB’s NVT ratio increased, but the remaining market indicators suggested a successful breakout.
As a seasoned crypto investor with years of experience in the market, I have learned to keep a close eye on price patterns and market indicators to gauge potential trends. Lately, I have been closely following Shiba Inu [SHIB], and I’m excited about its recent bullish consolidation pattern since the 15th of July.
In the previous week, SHIB‘s “dominating” position in the cryptocurrency market was marked by red on its weekly chart, indicating a downtrend for the Shiba Inu memecoin. Yet, the situation shifted significantly within the last 24 hours.
As a crypto investor, I’m thrilled to share some good news. Not only has the memecoin shown signs of improvement, but its chart has revealed a promising bullish pattern. If this pattern holds and the coin manages to break through resistance levels, we could be in for an impressive bull rally.
A bull pattern on Shiba Inu chart
Based on information from CoinMarketCap, SHIB experienced a decline of over 2% in price during the past week. However, there was a significant shift in the last day as buyers regained momentum, causing the memecoin’s value to increase by nearly 2.4%.
Currently, Shiba Inu is priced at $0.00001721 during this writing, and boasts a market capitalization surpassing $10.14 billion. Consequently, it ranks as the crypto with the 13th largest market size. Notably, over the past 12 hours, Shiba Inu’s chart has shown a bullish falling wedge pattern.
On July 15th, a distinct pattern emerged for SHIB, following which it has been confined to this pattern. Presently, SHIB is close to breaking free from this pattern.
As a crypto investor, I’m curious about Shiba Inu (SHIB) and its current market situation. I’d like to take a closer look at its price action and trends to assess the chances of a potential breakout. If successful, this could lead to a bull rally for SHIB.
Are SHIB’s metrics bullish?
Based on AMBCrypto’s interpretation of Glassnode’s data, there is a bearish indication for the memecoin due to an upward trend in its NVT ratio over the past few days. Generally, an escalation in this metric suggests that the asset might be overpriced, potentially leading to a price adjustment.
According to Santiment’s analysis, there were no significant transactions made by whale addresses during the previous week, as indicated by the level graph of their supply remaining stable.
Despite a slight uptick in purchasing activity last week, the memecoin’s exchange outflows grew, and the amount of the coin held on exchanges lessened. This trend implies that investors were actively purchasing Shiba Inu.
To determine if the memecoin would break out of its bullish falling wedge pattern on its daily chart, we examined the relevant market signals.
Its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators signaled a gain, suggesting a persistent increase in price.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Should SHIB reach $0.00001933 next week, which could occur if ten investors decide to buy in, it might subsequently surge towards $0.0000259.
However, in case of a bearish trend reversal, SHIB might drop to $0.000019 in the coming days.
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2024-07-28 09:41