Shiba Inu’s Price Surges by Over 1.5% in the Last 24 Hours, Bullish Indicators Point to Potential Rally
Shiba Inu [SHIB], the second-largest memecoin in the world, experienced a rollercoaster ride in the past week, with its price dropping to $0.000013 before bouncing back. The latest data from CoinMarketCap shows that SHIB’s price has increased by more than 1.5% in the last 24 hours, reaching $0.00001677.
Despite the recent volatility, market indicators and metrics are pointing towards a bullish trend for Shiba Inu. Whales have been making strategic moves, with Santiment data revealing that large investors are accumulating SHIB by moving tokens out of exchanges.
Further analysis by AMBCrypto shows that buying pressure for SHIB is on the rise, as the supply on exchanges has dropped sharply while the supply outside of exchanges has increased. This trend, coupled with a spike in Exchange Outflow and an increase in supply held by non-exchange whales, indicates a strong bullish sentiment among investors.
Derivatives metrics for SHIB also look promising, with the Long/Short Ratio increasing, suggesting a higher number of long positions in the market. Technical indicators such as MACD, Chaikin Money Flow, and Relative Strength Index (RSI) are all displaying bullish signals, indicating a potential uptrend for SHIB.
However, the Bollinger Bands suggest that SHIB’s price may enter a less volatile phase in the coming days, leading to slower movements in the market. Hyblock Capital’s data predicts that SHiba Inu could reach $0.0000177 if the bullish momentum continues, but bears could push the price down to $0.000012 if they take control.
Overall, the outlook for Shiba Inu appears positive, with various indicators pointing towards a potential rally in the near future. Investors are advised to keep a close eye on market developments to capitalize on the memecoin’s price movements.
