- SHIB was up by over 5% in the last 24 hours.
Buying pressure was high, but technical indicators remained bearish.
As a crypto investor with some experience under my belt, I’m always on the lookout for promising opportunities in the market. The recent surge in Shiba Inu [SHIB] has certainly piqued my interest. With SHIB up by over 5% in the last 24 hours and buying pressure high, it seemed like a bullish trend was taking shape.
In the past few hours, the market circumstances have shifted favorably, enabling a number of cryptocurrencies, such as Shiba Inu [SHIB], to exhibit bullish trends.
As a crypto investor following SHIB closely, I believe the market trends suggest that there’s a strong possibility for SHIB to exceed its previous highs reached in March within the upcoming weeks. The volatility we’ve seen so far is likely just the beginning, and staying informed and prepared is key.
Shiba Inu turns bullish
As a crypto investor, I’ve experienced some positive momentum over the past few hours with Shiba Inu (SHIB) showing signs of bullishness. Based on data from CoinMarketCap, SHIB has surged by over 5% in the last 24 hours.
Currently, the value of the meme coin is at $0.0000221 in trading, while its market capitalization exceeds $13.2 billion according to the latest reports. Based on IntoTheBlock’s analysis, approximately 57% of SHIB investors have made a profit as of now.
As a crypto investor, I’ve noticed an exciting development with SHIB recently. The price surge we’ve witnessed has led to a significant increase in social volume. This trend indicates that more people are talking about SHIB online, suggesting growing interest and potential buzz around the token.
The Weighted Sentiment stayed comparatively elevated, indicating that optimistic views towards the meme cryptocurrency were predominant within the market.
A favorable development occurred in the meme coin market as a bullish signal emerged in its price trend. Notably, cryptocurrency expert Ali brought attention to this optimistic outlook by sharing on Twitter an image of a bullish flag formation on Shiba Inu’s (SHIB) chart.
As per the tweet, a bullish breakout from the pattern could result in SHIB touching $0.000072323.
What to expect from SHIB?
AMBCrypto examined Shiba Inu’s on-chain data to assess if it could break free from its current pattern.
After a significant surge in value on April 28th, the meme coin’s network-to-value ratio exhibited a notable decline.
As an analyst, I would interpret a decrease in an asset’s metric as a sign that it is currently underpriced. Consequently, the probability of Shib’s price increasing appeared to be quite high.
Additionally, the demand for purchasing SHIB was increasing significantly, indicated by this finding from AMBCrypto’s examination of Santiment’s data: a noticeable increase in Shiba Inu’s exchange outflows.
The amount of SHIB available on exchanges decreased, whereas its supply not connected to exchanges grew. This observation underscores the strong demand for SHIB in the market.
As a researcher observing the cryptocurrency market, I found it intriguing that Shiba Inu’s Mean Value Realized Value (MVRV) ratio stayed relatively low, even after the recent price hike.
After examining SHIB‘s daily chart for potential signals, we discovered that while the data appeared optimistic, the technical indicators presented a contrasting perspective.
Read Shiba Inu [SHIB] Price Prediction 2024-25
The MACD line of the meme coin’s chart crossed over, signaling a bearish trend. Additionally, the Money Flow Index (MFI) for this coin decreased and fell below the neutral threshold.
It’s important to note that the signs suggest the Shiba Inu bull market may not have concluded just yet.
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2024-05-03 07:03