Shiba Inu (SHIB) Sees 4% Hike: Possible Trend Reversal Ahead
The Essentials at a Glance
The cryptocurrency Shiba Inu (SHIB) has experienced a price increase of 4% in the last 24 hours, indicating a possible trend reversal. Despite a recent drop of over 38% since May 30, various indicators point to a possible recovery. Long-term investors continue to hold their positions, which could provide solid support for the price.
Market Analysis and SHIB’s Current Situation
In recent weeks, SHIB has shown mixed performance. After a considerable drop of 38% since the end of May, the cryptocurrency was able to record a positive development of 4% in the last 24 hours. Currently, SHIB stands at a price of $0.00001741, which corresponds to a slight increase of 0.5% in the last seven days. However, trading activity has dropped by 38.34%, indicating a wait-and-see attitude in the market.
Technical Indicators and Future Prospects
The Relative Strength Index (RSI) is approaching the oversold area, which could indicate an impending price correction. At the same time, the MACD indicator shows a decreasing bearish momentum. These technical indicators could together point to an impending trend reversal.
The Role of Long-Term Investors
Data from IntoTheBlock shows that 77% of SHIB addresses have held their positions over the last 12 months. These long-term investors could provide the price with necessary support and cushion further price declines. Additionally, the data indicates a significant reduction in both inflows and outflows over the last 90 days, suggesting a general decrease in trading activity.
Market Direction and Liquidity
An analysis of the Coinglass data shows that despite the lack of clear market direction, long-term investors maintain the upper hand. An increase in short-term inflows coupled with a decrease in outflows could represent a bullish scenario for SHIB in the near future. This dynamic suggests that buying pressure currently outweighs selling pressure, which could lead to a possible price increase.
Our Assessment
Despite the recent decline, technical indicators and support from long-term investors suggest that SHIB has the potential for a recovery soon. Investors should closely monitor market indicators and prepare for possible price movements. As always, it is important to conduct your own research and base investment decisions on a variety of information.
Sources
– IntoTheBlock
– Coinglass
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