- SHIB saw its first price increase in a month, likely sparked by renewed speculation about Elon Musk.
- Despite the gains, the overall trend for SHIB remained bearish.
Shiba Inu [SHIB] Prices recently rose for the first time in a month, sparking speculation that bullish momentum could be returning.
After weeks of declines and stagnation, the meme coin suddenly rose after Elon Musk returned to talk of XPayments.
SHIB bulls are still out there
Analyzing the SHIB/USDt chart below, we can see that the price trend is primarily bearish, as indicated by the consistent decline below both the 50-period and 200-period moving averages.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator is showing small fluctuations near the zero line, indicating that there has been no strong momentum in either direction until recently.
A slight positive deviation of the MACD above its signal line is being interpreted by analysts as a subtle shift towards bullish momentum.
SHIB prices stabilized about 48 hours ago.
As can be seen below, Memecoin has also mostly traded within the Bollinger Bands, with a few exceptions where the price has touched or exceeded the upper or lower bands.
Source: TradingView
However, the Relative Strength Index (RSI) is below the 50 midpoint at the time of writing, indicating that although the downtrend momentum is weakening, overall sentiment remains bearish.
SHIB is not bullish
For the past two days, SHIB has been in a tug of war between bullish and bearish sentiments in the market.
Source: TradingView
The Ichimoku Kinko Hyo has been above price for the majority of the displayed period, indicating bearish sentiment is prevailing.
However, as SHIB approached the cloud towards the latest data point, it indicated a possible shift in momentum. A breakout through the cloud could trigger a short-term bullish reversal, but it is unlikely to be sustained.
52% of SHIB holders were profitable at the prevailing price at the time of writing, which was a positive sign for overall market sentiment, but 46% of holders were not profitable.
Source: IntoTheBlock
Is your portfolio green? Check out the SHIB Profit Calculator
SHIB trading volume has surged and user engagement has increased, but the “in-the-money” indicators are bearish, suggesting that many addresses are holding SHIB at a loss relative to the current price.
All of SHIB’s on-chain signals were currently bearish, but exchange signals were also bearish.
