- Shiba Inu’s price started to consolidate in a bullish pattern mid-July, signaling potential upward momentum.
- The SHIB’s NVT ratio showed an increase, with other market indicators pointing towards a possible breakout.
- Market data last week showed SHIB’s price experiencing volatility, but recent trends suggest a bullish reversal.
Explore the recent bullish trend in Shiba Inu’s market activity and understand the potential outcomes for investors.
Shiba Inu’s Recent Price Consolidation
Since mid-July, Shiba Inu’s price has entered a phase of consolidation marked by a bullish pattern. Observations over the past seven days indicated a bearish dominance; however, the last 24 hours saw a noteworthy shift. A new bullish pattern on the memecoin’s chart has emerged, indicating the potential for a significant upward trajectory if the bullish breakout is confirmed.
Analyzing Market Data: CoinMarketCap Insights
According to recent data from CoinMarketCap, SHIB witnessed a more than 2% price drop over the past week, only to rebound with a 2.4% increase in the last 24 hours. At present, Shiba Inu is trading at $0.00001721 with a market capitalization surpassing $10.14 billion, positioning it as the 13th largest cryptocurrency. Importantly, a bullish falling wedge pattern has been identified on SHIB’s 12-hour chart, which has been forming since July 15, signaling consolidation with an imminent breakout on the horizon.
SHIB’s Metrics and Market Indicators
An analysis of SHIB’s metrics revealed interesting insights. Glassnode’s data showed an increase in the NVT ratio over recent days, often an indicator that an asset might be overvalued, suggesting potential for a price correction. However, Santiment’s data presented a more nuanced view. It indicated that while top addresses holding SHIB did not make substantial moves, there was a slight increase in buying pressure last week. This is evidenced by an increase in exchange outflows and a decrease in supply on exchanges, hinting that investors are accumulating Shiba Inu.
Technical Analysis of SHIB’s Daily Chart
Further examination of Shiba Inu’s daily chart disclosed significant market indicators. The Relative Strength Index (RSI) exhibited an upward movement, reflecting growing positive momentum. Concurrently, the Chaikin Money Flow (CMF) indicator also moved northward, reinforcing prospects for a sustained price increase.
Future Price Predictions and Potential Scenarios
If the bullish breakout materializes as predicted by some market indicators, SHIB might experience a significant price surge. Analysts project that in such a scenario, SHIB could potentially reach $0.00001933 by next week. Surpassing this threshold may propel SHIB’s value further, potentially hitting $0.0000259. Conversely, a possible bearish reversal could see SHIB’s price retreating to $0.000019 in the near term.
Conclusion
In summary, Shiba Inu’s market behavior over the past few weeks points to a bullish consolidation pattern, suggesting a possible breakout. While some metrics hint at an overvaluation, the overall analysis indicates a potential for a price rise. Investors should watch closely for confirmed breakouts and be prepared for both bullish and bearish scenarios. The upcoming weeks promise to be pivotal for Shiba Inu’s market performance.
