Over the past 24 hours, Shiba Inu’s [SHIB] price made an effort to escape a downward trend, but unfortunately, it was not very successful. Despite this, the widely known meme cryptocurrency reached a peak of $0.0000249, rising from a low of $0.0000217 on the price charts.
However, shortly after reaching this peak, the meme coin experienced a slight decline. At the moment of composing this article, SHIB was being traded at $0.00002271, after a decline of 5.67% on the daily charts. It’s interesting to note that the recent drop in the crypto’s value was unanticipated, especially after showing gains of nearly 5% on the weekly charts.
With SHIB currently moving sideways in its trading pattern, the question that arises is – Can the meme coin break out of this consolidation phase as buyers assert their influence on the market?
Insights from SHIB’s Price Patterns
According to analyses from CryptoCrypto, Shiba Inu is currently experiencing robust buying pressure, with momentum steadily increasing on the charts.
Initially, this upwards momentum is evident through a bullish intersection that has emerged on both the MACD and RVGI indicators. Specifically, a bullish crossover was observed on the MACD forty-eight hours ago, indicating a strong upward trend and a weakening of the previous downward movement.
This particular trend was further verified by an additional crossover on the RVGI in the past day. The combination of these indicators indicates that the influence of sellers has been diminishing while buyers have been gaining control over the market.
Furthermore, a significant surge in capital outflows from exchanges has been noted in the last 24 hours.
Indeed, SHIB has witnessed outflows exceeding 2.3 trillion. Such market actions typically signify accumulation as investors have been withdrawing their assets from trading platforms.
This buying pressure appears to be particularly strong among major holders of the cryptocurrency.
In fact, whale activity has risen by 106.69% in the past day. When large investors shift towards accumulating assets, it generally reflects their trust in the market conditions.
Lastly, Shiba Inu’s MVRV Ratio hints at a potential recovery phase. The MVRV has started to increase from negative territory as market participants revise their outlook, with investors expressing renewed faith in the market. This shift commonly occurs either towards the conclusion of a downward trend or in the initial stages of a potential uptrend.
To summarize, SHIB might be indicating a possible reversal in trend as buyers re-enter the market. Amidst the growing bullish sentiments, there is a possibility of the meme coin experiencing notable gains in the near future.
Therefore, if this trend persists, SHIB is likely to re-establish itself above the $0.000025 resistance level. However, failure by the bullish investors to maintain control could result in a decline towards $0.000020.