- Shiba Inu [SHIB], the world’s second-largest memecoin, has made a notable recovery, sparking optimism among investors following a recent price slump.
- The memecoin’s bullish momentum is supported by positive derivatives metrics, signaling a potentially more extended rally.
- Recent data shows increased buying pressure, highlighted by notable exchange outflows and a rise in SHIB’s market value.
Discover the upward trajectory of Shiba Inu as it records significant gains and explore the factors fueling its recent popularity in the crypto market.
Shiba Inu’s Impressive Price Surge
Recently, Shiba Inu experienced a resurgence, bolstered by a 17% surge in price. This turnaround comes after a bearish period saw SHIB’s value plummet to $0.000013. As of now, SHIB is trading at $0.00001543, solidifying its position as the 13th largest cryptocurrency with a market cap surpassing $9 billion.
Market Sentiment and Investor Behavior
The latest price hike seems to have positively impacted SHIB’s trading sentiment. Analysis from Santiment reveals a decrease in the supply of SHIB on exchanges, indicating a higher rate of accumulation among investors. Additionally, exchange outflows have spiked, affirming the ongoing buying pressure. However, whale activity has remained relatively unchanged.
Shiba Inu’s Mixed Network Performance
While SHIB’s price metrics shine, its network growth has shown some concerning signs. A reduced number of new addresses indicate less new user engagement, with a concurrent drop in transaction velocity suggesting reduced token movement within the set timeframe.
Derivatives Market Insights
In the derivatives sphere, SHIB’s long/short ratio has seen a substantial increase. This metric, reflective of higher long positions relative to shorts, implies prevailing bullish sentiment in the market. Coinglass data shows that such optimism could propel further upward movements.
Technical Indicators
Technical analysis presents a cautiously optimistic outlook. The MACD indicator suggests the potential for a bullish crossover, while the Relative Strength Index (RSI) has emerged from the oversold territory, both signaling bullish tendencies.
Conclusion
In summary, Shiba Inu has shown significant resilience with its recent price recovery, underpinned by positive trading sentiments and bullish technical indicators. However, the mixed performance in network growth presents a nuanced picture. Investors should monitor these trends closely to gauge whether this bullish momentum sustains or faces new challenges.
