Will Shiba Inu Rise Above $0.0000259? SHIB in Its Current State
Financial Analyst
- SHIB was rejected near its resistance at $0.0000259.
- Most metrics looked bearish, but some market indicators suggested otherwise.
A few days ago Shiba Inu [SHIB] broke above a bullish pattern that suggested a bull rally. However, things looked different on the ground as SHIB’s price action remained less volatile.
Let’s take a look at the current state of SHIB to understand what’s going on.
Shiba Inu continues to stagnate
AskFX’s analysis of Shiba Inu’s price chart revealed that the meme coin had broken above a bullish flag pattern on May 14.
The pattern appeared on the meme coin’s chart in March and since then SHIB has been consolidating within it. Generally, a breakout above a bullish flag pattern results in a massive uptrend.
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The case was different with SHIB as it remained more volatile. SHIB’s price remained less volatile as it faced rejection at its $0.0000259 resistance.
SHIB could begin its journey to its March high if it manages to flip this resistance into support. SHIB is down over 1% according to CoinMarketCap.SHIB’s price has fallen more than 1% in the last seven days. Shiba Inu’s price was $0.00002473 at the time of writing. Its market cap was $14.57 billion.
SHIB: What to Expect
AskFX analyzed the meme coin’s on-chain metrics to see if the bearish trend would change.
Following a steep drop in SHIB, our analysis of Glassnode data showed that the NVT ratio had recorded a slight increase. Shiba Inu’s value was inflated as the metric rose.
Source: Glassnode.
It was bad news that selling pressure on the meme coin had increased over the past week. Santiment data showed that SHIB exchange inflow had increased significantly.
SHIB exchange inflow increased significantly while supply outside exchanges decreased. This clearly showed that investors were selling their holdings.
Apart from that, investor confidence in SHIB has also decreased as the weighted sentiment has decreased. This showed that a bearish sentiment prevailed.
SHIB social volume remained high despite the popularity of meme coins.
Santiment
Then we looked at SHIB’s daily chart and saw what the indicators were showing. According to our analysis, SHIB’s MACD showed that bulls and bears are battling for an advantage.
Shiba’s [SHIB] Price Prediction
Money Flow Index also had a similar reading and was moving sideways for the past few days.
Still, Chaikin Money Flow suggested that the bulls might succeed as it recorded a strong increase.
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