Shiba Inu Cryptocurrency Declines 10%, Potential Bullish Pattern Indicates Potential Recovery
Buckle Up! Shiba Inu's (SHIB) Slump Might Be About to End
The meme-centric cryptocurrency, Shiba Inu, has seen a nearly 10% dip over the last week, sending its price plummeting down to $0.000012. But don't count this dog out just yet! Some signals are surface, hinting at a potential bullish resurgence for this beloved meme coin.
Is the SHIB Party About to Start Again?
Take a gander at the daily chart; you'll spot the Chaikin Money Flow (CMF) going up, bucking the trend as the price keeps descending. As of today, the momentum indicator stands at a healthy 0.02 - crossing above the neutral zero line, forming a bullish divergence.
This bullish divergence suggests that under-the-radar buying pressure is steadily building up in those SHIB spot markets, even as overall market sentiment remains tepid.
Now, let's delve into on-chain data. According to Santiment, Shiba Inu's Network Realized Profit/Loss (NPL) is negative at present, signifying that most holders are swimming in red waters, so to speak. But here's the catch: when NPL is in the red, folks are often reluctant to let go of their assets with a loss. This reduced selling pressure can result in extended holding periods, potentially shrinking the SHIB pool and creating conditions that may foster a quick rebound for this coin.
Furthermore, futures traders appear to be enthusiastic about SHIB's prospects. This is reflected in the coin's positive funding rate, currently at 0.0082%.
Get Ready for a Potential Boost to $0.000014!
At present, SHIB hangs at $0.000012. Given these early bullish indications, the meme coin may punch through its recent downtrend and catapult toward the $0.000014 mark in the near future.
However, to fuel a sustained recovery, Shiba Inu first needs to breach a significant resistance level - the 20-day Exponential Moving Average (EMA). This barrier occurs around $0.000013 and serves as a roadblock for the coin's price. A resounding break above the EMA would trigger a flurry of buying activity and emphasize a short-term bullish trend reversal.
On the flip side, if the buying fervor subsides, Shiba Inu could fold back down to $0.000010.
Making a Splash in the Crypto Pond
Want to kickstart your crypto journey or expand your portfolio? Here are some platforms that can help you dive in:
- TonTrader
- dYdX
- Arkham
- BingX
- HTX
A Word of Warning
Remember, we're just providing you with the latest info and analysis. This shouldn't be taken as financial or investment advice. Always conduct your own research and confer with a professional before making any decisions with your money. And always keep in mind that the crypto world is a Wild West adventure, my friend!
[Sources]
- Enrichment Data: Current Technical Indicators for a Possible Bullish Reversal in Shiba Inu (SHIB) – Technical Analysis and Price Predictions
- Enrichment Data: Shiba Inu Price Prediction: Where Should the Meme Coin Go?
- Enrichment Data: Shiba Inu (SHIB) Price Surges 19%: What's Next for the Dog-Themed Cryptocurrency?
- Enrichment Data: Shiba Inu Could See a 26% Rally Up to $0.000017 – Here's Why
- Enrichment Data: Analyst Identifies Two New Technical Patterns for Shiba Inu: Here's What You Need to Know
- Despite the recent slump of Shiba Inu (SHIB), its Chaikin Money Flow (CMF) is bucking the trend, going up and forming a bullish divergence, suggesting a potential resurgence for the altcoin.
- While the meme-centric cryptocurrency's Network Realized Profit/Loss (NPL) is negative, this reduced selling pressure could result in extended holding periods, potentially leading to a quick rebound for SHIB.
- Futures traders appear to be enthusiastic about Shiba Inu's prospects, as seen in the coin's positive funding rate.
- If SHIB manages to breach the 20-day Exponential Moving Average (EMA), it could catapult toward the $0.000014 mark, signaling a short-term bullish trend reversal.
- To expand your crypto journey or portfolio, consider exploring platforms like TonTrader, dYdX, Arkham, BingX, and HTX.
- It's crucial to conduct your own research and consult with a professional before making any decisions regarding crypto investments, as the crypto world remains unpredictable and volatile.
