Shiba Inu (SHIB) Recovery is on the Horizon, as Recent On-Chain Data Shows that the Meme Coin’s Investors May Have Cooled Off on Offloading Their Tokens

This has reflected positively on Shiba Inu's price, which is up in the last 24 hours.

Shiba Inu (CRYPTO: SHIB) saw a net flow of 20,631.011 SHIB into exchanges on Friday, signaling that a large portion of the meme coin might be entering the market. This on-chain metric is used to measure the total amount of a specific cryptocurrency that is being transferred into centralized and decentralized exchanges.

A positive net flow value, like the one seen with SHIB, indicates that more of the meme coin is being deposited into exchanges, suggesting that a greater amount of SHIB might be sold. On the other hand, a negative net flow value suggests that more SHIB is being withdrawn from exchanges, possibly indicating buying activity or investors moving their meme coin holdings into hardware wallets.

Shiba Inu Price Action

Shiba Inu is up 1.81% during the past 24 hours of trading.

The meme coin is trading at $0.00001743 at the time of writing.

SHIB's price has ranged from a low of $0.0000168 to a high of $0.0000181 over the past 24 hours.

The price of SHIB has decreased by 9.7% over the past seven days.

Shiba Inu technical analysis

The traders and investors who follow technical analysis closely keep an eye on the seven-day relative strength index. A RSI reading below 30 is generally viewed as an indication that a security is oversold, while a reading above 70 is considered to be overbought.

When looking at the seven-day RSI reading, we can see that Shiba Inu has an RSI of 45.05, indicating that SHIB may be in a neutral zone—not indicating any clear overbought or oversold readings.

The Bollinger Bands are a measure of the volatility in the price of an asset and are used to help traders identify potential areas of support and resistance.

The Bollinger Bands for SHIB, when viewed on the one-day chart, show that the meme coin is trading within the Bollinger Bands, indicating that SHIB might be trading in a neutral range—not showing any clear signs of being either overbought or oversold.

Shiba Inu key levels to watch

Shiba Inu has several technical levels that are worth keeping an eye on for the upcoming trading session. These levels have been defined using Fibonacci retracement, pivots, Bollinger Bands and simple moving averages.

The Fib retracement levels mark possible areas where support or resistance may be encountered based on the recent price swing in SHIB. The levels to watch for SHIB are Fib retracement of 23.6% at $0.0000157, 38.2% Fib at $0.00001667, 50% Fib at $0.00001743, 61.8% Fib at $0.0000183 and 78.6% Fib at $0.00002005.

Shiba Inu price analysis snapshot for 07:33 EST August 26, 2022

TechnicalPoint of viewBearishBullishNet flow into exchangeLarge GoodChain reactionVery bad AwesomeFork activityVery bad AwesomeRelative strength index (7-day)Neutral NeutralBollinger Bands®Neutral NeutralSimple moving average (200-day)Very bullish Very bullishSimple moving average (50-day)Very bullish Very bullishSimple moving average (20-day)Very bullish Very bullishBollinger Bands Width (20-day)Very bullish Very bullishUpper Bollinger Bands (20-day)Very bullish Very bullishLower Bollinger Bands (20-day)Very bullish Very bullishBearish Harami candlestickVery bearish Very awesomeBullish Engulfing candlestickVery awesome Very awesomeBearish engulfing candlestickVery bearish Very awesomeBullish piercing line candlestickVery awesome Very awesomeDark cloud cover candlestickVery bearish Very awesome

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