This week, Shiba Inu (SHIB), the leading meme coin, experienced a decline of almost 10%, dropping its price to $0.000012. However, several indicators
Shiba Inu (CRYPTO: SHIB) price has decreased by almost 10% this week, dropping to $0.000012. However, several indicators are starting to show signs of a possible recovery.
What Happened: Chaikin Money Flow (CMF) is showing an increase despite the price decrease. The momentum indicator is now at 0.02, which has crossed the neutral line of zero. This creates a bullish divergence, signaling that buying pressure is slowly building in the SHIB spot market.
On-chain data from Santiment shows that SHIB’s Network Realized Profit/Loss (NPL) is still negative. A negative NPL usually reduces selling pressure as investors aren’t keen on selling assets at a loss. This could decrease the supply of SHIBs in circulation and create conditions that favor a short-term price rebound.
Shiba Inu futures traders also seem to be optimistic, which is indicated by the current positive funding rate of 0.0082%. A positive funding rate suggests that traders are willing to pay more to maintain their long positions, which could be a factor in pushing the price up further.
What To Expect: If SHIB can break the key resistance level, which is the 20-day Exponential Moving Average (EMA) at $0.000013, it may attract greater interest from buyers. A decisive breakthrough of the EMA could be a sign of a short-term bullish trend reversal.
With technical indicators starting to show bullish signals, there is a possibility that SHIB will reverse its downward trend and rally towards $0.000014 in the short term. However, to start a sustained recovery, SHIB must overcome that key resistance.
If the selling pressure persists, SHIB’s price could drop to $0.000010. It is important for investors to monitor these indicators and adjust their strategies according to the changing market dynamics.
Shiba Inu Price Action: At press time, SHIB is trading at $0.000012.
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