- Shiba Inu prices have been consolidating into a bullish pattern ever since the 15th day of July.
- SHIB’s ratio of NVT has increased. However, the other indicators on the market suggest a breakout.
Shiba Inu [SHIB] In the seven-day period, the weekly chart for memecoin showed a red background. In the past 24-hours, however, this trend has reversed.
It was actually better to see a bullish chart pattern on memecoin. The breakout of a successful coin could trigger a huge bull rally.
Shiba Inu chart with bull pattern
CoinMarketCap has a new estimate of the value of Bitcoin. dataSHIB’s price fell by over 2% during the last week. Last day, the market took a turn for the better as bulls drove up the price by 2.4%.
Shiba Inu, at the time this article was written, traded for $0.00001721. With a capitalization over $10.14 Billion, it is the 13th biggest crypto. SHIB’s 12-hour chart showed a pattern of a falling bullish wedge.
SHIB is consolidating within the pattern that emerged on July 15th. It was just on the cusp of a breakout at the time this article was written.
AMBCrypto decided to take a closer view at SHIB to determine the chances of a breakout that could lead to a bull run.
SHIB metrics are bullish or bearish?
AMBCrypto’s analysis of Glassnode’s data showed a bearish indicator. In the last couple of days, the memecoin NVT ratio has increased. A rising NVT ratio usually means an asset is being overvalued. This could indicate a possible price correction.
According to Santiment data, whales did not make major movements last week as evident by the flat top address graph.
The buying pressure was slightly higher last week. Exchange outflow for memecoin increased while its supply registered a decrease, indicating that investors bought Shiba Inu.
Then we checked the daily chart of the memecoin to see what indicators suggested a break from the falling bullish wedge pattern.
Relative Strength Index RSI registered a positive trend. Chaikin Money Flow Index (CMF), which measures the flow of money, also moved to the north. Both indicators were fueled by a continuing price rise.
Click Here to Read Shiba Inu’s [SHIB] Price Prediction 2024-25
SHIB could reach $0.00001933 for ten investors. next week. SHIB’s value could rise to $0.0000259 with a jump over that level.
SHIB may drop below $0.000019 if the trend turns bearish in the near future.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com