Shiba Inu (SHIB) Shows Bullish Trend, May Hit New Highs
The Key Points
Shiba Inu (SHIB), the popular meme cryptocurrency, is showing signs of a bullish pattern on its price chart. According to current analyses, SHIB could potentially surpass its March highs in the coming weeks. However, a look at the technical indicators and market data provides a mixed picture regarding SHIB’s short-term price development.
Shiba Inu on the Rise
In the last few hours, the market situation for Shiba Inu and other cryptocurrencies has improved, with SHIB rising by more than 5%. The market capitalization of SHIB now exceeds 13.2 billion US dollars. A significant increase in social volume and a high weighted sentiment suggest that the sentiment around the meme coin is predominantly positive.
A recent tweet published by a well-known crypto analyst highlights a bullish flag pattern on the SHIB chart, which, if it were to break out, could push the price of SHIB up to 0.000072323 US dollars.
What Lies Ahead for SHIB?
An analysis of SHIB’s on-chain metrics shows that after a massive surge on April 28, SHIB’s Network-to-Value (NVT) ratio has dropped sharply, suggesting that the coin could be undervalued. In addition, the buying pressure on SHIB has increased, which can be interpreted as a bullish signal. The data also shows an increase in the exchange outflow and a decline in the supply on exchanges, while the supply outside of exchanges has increased.
Despite the recent price increase, SHIB’s MVRV ratio remains low, indicating some caution among investors. The technical indicators provide a mixed picture: while some metrics appear bullish, SHIB’s MACD and Money Flow Index (MFI) suggest possible challenges for the ongoing bull rally.
Our Assessment
The recent developments and analyses around Shiba Inu paint an optimistic picture for the short-term price development of the meme cryptocurrency. However, investors should closely monitor the technical indicators and market signals as they suggest possible volatility and challenges for the ongoing uptrend. As always, it is important to conduct your own research and follow a diversified investment strategy to minimize risks.
Sources: CoinMarketCap, IntoTheBlock, Santiment, Glassnode, TradingView
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