- SHIB has risen over 5% in the past 24 hours.
- Although buying pressure was high, technical indicators remained bearish.
Market conditions have changed in the past few hours and several cryptocurrencies have been allowed, including: Shiba Inu [SHIB], Be bullish.
Considering the latest data, the situation for SHIB could become even more volatile, with it likely to surpass the March high in the coming weeks.
Shiba Inu becomes bullish
The past few hours have been favorable for investors as SHIB has turned bullish.according to coin market capSHIB has risen over 5% in the past 24 hours.
At the time of this writing, Memecoin was trading at $0.0000221 and had a market capitalization of over $13.2 billion. According to IntoTheBlock dataat the time of writing, 57% of SHIB investors had made a profit.
Thanks to recent price increases, SHIB’s social volume has skyrocketed, reflecting its growing popularity.
Weighted sentiment also remains relatively high, suggesting that bullish sentiment towards meme coins is dominant in the market.
Source: Santiment
There was more good news as a bullish pattern appeared on the memecoin price chart. Ali, a popular cryptocurrency analyst, recently posted the following: Tweet Highlight the bullish flag pattern on the chart of SHIB.
According to the tweet, a bullish breakout from this pattern could take SHIB to $0.000072323.
What do you expect from SHIB?
To see if Shiba Inu can break out of the pattern, AMBCrypto analyzed the meme coin’s on-chain metrics.
After the massive rally on April 28th, we observed a sharp decline in the meme coin’s network-to-value (NVT) ratio.
Firstly, a decline in the indicator means that the asset is undervalued. Therefore, it seems likely that SHIB’s price will rise.
Source: Glassnode
In addition to that, the buying pressure on SHIB is also increasing, which we can assume is a bullish signal. When AMBCrypto analyzed Santiment data, it was revealed that the number of Shiba Inu exchanges has increased rapidly.
On-exchange supply also decreased, while off-exchange supply increased. This further evidenced the fact that there was high buying pressure on SHIB.
Nevertheless, it was surprising to note that Shiba Inu’s MVRV ratio remains low despite recent price increases.
Source: Santiment
Next, I looked at the daily chart of SHIB to see what the technical indicators were suggesting. Although the indicators looked bullish, the indicators told a different story.
read Shiba Inu [SHIB] price prediction 2024-25
Memecoin MACD showed a bearish crossover. The Money Flow Index (MFI) also fell below the neutral level and recorded a decline.
These indicate that the possibility of Shiba Inu’s bullish rally coming to an end cannot be ruled out yet.
Source: TradingView
