- SHIB got rejected near its resistance at $0.0000259.
Most metrics looked bearish, but a few market indicators suggested otherwise.
As a seasoned crypto investor with experience in analyzing various digital assets, I’ve been keeping a close eye on Shiba Inu (SHIB). Recently, SHIB displayed a promising breakout above a bullish flag pattern, which historically indicates a significant uptrend. However, my optimism was short-lived as the meme coin encountered rejection near its resistance at $0.0000259, resulting in less volatile price action than anticipated.
Recently, the price of Shiba Inu (SHIB) surpassed a bullish chart configuration, indicating a potential significant price increase. Nevertheless, contrary to expectations, the cryptocurrency’s price movements showed less volatility instead.
Let’s take a look at SHIB’s current state to understand what’s going on.
Shiba Inu remains stagnant
An examination of Shiba Inu’s price chart conducted by AMBCrypto uncovered that this meme coin surpassed the upper boundary of a bullish pennant formation on May 14th.
In March, a distinct pattern appeared on the chart of the meme coin, SHIB. Since then, SHIB has been trading within this pattern. Typically, if an asset breaks above a bullish flag pattern, it can lead to a significant price surge.
Shib’s behavior contrasted with other assets as it demonstrated lower price volatility. At the resistance level of $0.0000259, SHIB encountered rejection and subsequently maintained a more stable price range.
Should Shibaswap’s resistance level transform into a support, Shiba Inu could commence its ascent toward reaching its previous peak in March, based on data from CoinMarketCap. Over the past week, SHIB experienced a decline of more than 1%.
Currently, the value of Shiba Inu for a single token is at around $0.00002473 in the markets, while its total market worth exceeds an impressive $14.57 billion.
What to expect from SHIB
An examination of Shiba Inu’s on-chain data was conducted by AMBCrypto to assess if the downtrend would be reversed.
Based on our examination of Glassnode’s data, we found that following a significant decrease, Shiba Inu’s NVT ratio exhibited a slight increase. An upward trend in this indicator implies that Shiba Inu may be overpriced according to the NVT metric.
As a crypto investor, I unfortunately observed an uptick in selling pressure for the meme coin over the past week. According to Santiment’s data, there was a significant influx of SHIB tokens being transferred onto exchanges.
The amount of the meme coin held on exchanges rose, but the supply off the exchanges decreased. This implies that investors were offloading their coins for sale.
Additionally, the faith of investors in SHIB decreased as its Weighted Sentiment score took a hit. This finding suggested that pessimistic viewpoints about the token had taken the lead.
Nonetheless, SHIB’s Social Volume remained high, reflecting the meme coin’s popularity.
After examining SHIB‘s daily chart, we observed that the MACD signaled intense competition between buyers and sellers. According to our assessment, the bulls and bears were engaged in a fierce battle for dominance.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
The Money Flow Index (MFI) also had a similar reading, as it went sideways over the last few days.
Despite the Chaikin Money Flow’s (CMF) previous signals suggesting bearish trends, it recently showed a significant surge, hinting at potential bullish succession.
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2024-05-26 12:07