A 24% Risi in Shiba Inu (SHIB)

After an impressive rally, the Shiba Inu (SHIB), the flagship memecoin, is facing signs of weakness hinting at a possible short-term decline.

Shiba Inu (SHIB) has experienced a remarkable rally, catching the attention of crypto enthusiasts. However, recent technical analysis suggests that the bullish trend might be nearing its end, hinting at a potential downturn correction.

As the flagship memecoin continues to heat up in the market, we can see that the Bollinger Band Trend (BBTrend) is decreasing. This key market momentum indicator, designed to measure the strength and vitality of price movements, is now showing signs of fatigue.

The size of the green bars on the indicator, which represent buying pressure, is getting smaller. This indicates that buyers are becoming less aggressive, and their interest in the market is waning.

In addition to the BBTrend, the Long/Short ratio of SHيب has also dropped below 1. This ratio, which tracks the number of traders who are holding long positions (bets on the price going up) versus those holding short positions (bets on the price going down), is now showing that there are more traders who are bearish on SHIB than bullish.

This shift in sentiment is significant, as it suggests that traders are beginning to lose confidence in Shiba Inu’s ability to sustain its bullish trajectory.

The Chaikin Money Flow (CMF) of SHIB, another momentum indicator that measures the flow of money into and out of a security, is also showing a decrease in buying pressure among traders. If the CMF drops below the zero line, it would confirm a negative market trend reversal, paving the way for a downside correction.

In this scenario, Shiba Inu could erase some of its recent gains and fall towards $0.000010. However, if the price manages to maintain its bullish trend, it could reach a multi-year high of $0.000019 on the exchanges.

While the rebound of Shiba Inu from $0.000008 to $0.000012 in just 10 days is noteworthy, technical signals suggest a possible downturn in the short term. As always, investors are urged to conduct their own research and adjust their positions accordingly.