Over the past day, Shiba Inu’s [SHIB] price showed an attempt to break free from a downward trend. However, this endeavor was met with limited success. Nonetheless, the widely popular memecoin reached a peak of $0.0000249, rising from a low of $0.0000217 on the charts.
Shortly after, the memecoin experienced a slight retreat. As of the current moment, SHIB is being traded at $0.00002271, having dropped by 5.67% in the daily trading session. It is noteworthy that the recent decline in the crypto’s value came as a surprise, particularly after it had shown a nearly 5% increase on the weekly charts.
With SHIB currently engaged in sideways trading, the pertinent question arises – Can this memecoin manage to break out of the consolidation phase while buyers take charge of the market?
Evaluating SHIB’s Price Movement
As per CryptoCrypto’s assessment, Shiba Inu is presently witnessing a considerable uptick in buying pressure, with momentum continuing to surge on the charts.
Initially, this bullish momentum is evident through a favorable intersection that has appeared on both the MACD and the RVGI indicators. Notably, a bullish crossover was recorded on the MACD two days ago, indicating a robust upward momentum and the weakening of the previous downtrend.
Furthermore, this trend was corroborated by another crossover on the RVGI in the last 24 hours, underscoring the decline in selling momentum and the emergence of buyer control.
Upon closer inspection, a significant spike in capital outflows from exchanges was noted in the past day.
Indeed, SHIB witnessed an outflow exceeding 2.3 trillion units. Such market behavior hints at an accumulation pattern as investors have been transferring their holdings away from trading platforms.
This surge in buying pressure is particularly noticeable among major holders.
Notably, whale activities escalated by 106.69% in the previous day. When whales shift towards accumulation, it signifies their confidence in the market’s prospects.
Lastly, Shiba Inu’s MVRV Ratio indicated a phase of recovery. The MVRV value began rising from negative levels as market participants altered their sentiments, while investors are regaining their trust. This typically occurs either at the tail end of a downtrend or during the early stages of a potential bullish run.
In essence, SHIB could be hinting at a forthcoming reversal in trend as buyers re-enter the market. With optimistic sentiments gaining traction, there might be a chance for the memecoin to record gains.
Therefore, should this pattern persist, SHIB is expected to reclaim the resistance level at $0.000025. However, in the event of bulls failing to maintain control, a decline to $0.000020 could be looming.