Shiba Inu Price Surge: SHIB Gains 17% Amid Rising Buying Pressure and Bullish Indicators

  • 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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Moves 100 WBTC to Binance After Bitcoin Hits New All-Time High, Potential Profit of $6.58 Million

On November 20th, COINOTAG News reported that a significant...

Whale Profit Deconstructed: How 619 WBTC Transactions Earned $15.7 Million in Just Days

According to COINOTAG News on November 20, a significant...

Bitcoin Reaches New Highs Amidst Geopolitical Tensions and Market Volatility

The ongoing Russia-Ukraine conflict took center stage on November...

Upbit Exchange Adds BonkBONK (BONK) to KRW Market: Start Trading Now!

UPBIT LISTING: BonkBONK Now Available for Trading in KRW...

BonkBONK Cryptocurrency Enters UPBIT Exchange with New KRW Market Support

UPBIT LISTING: BonkBONK KRW Market Support Launched --------------- NFA.
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img