Shiba Inu (SHIB) Stock Bullish Breakout: What to Expect
- WBOYOriginal
- 2024-08-26 09:23:111073browse
The cryptocurrency market remained bullish last week, allowing many cryptocurrencies, including Shiba Inu [SHIB] The world's second-largest cryptocurrency
Cryptocurrency remained bullish last week, with several cryptocurrencies, including Shiba Inu [SHIB], posting impressive gains.
Being the second-largest Memecoin and the world's 13th-largest cryptocurrency by market capitalization, SHIB has seen a price increase of over 13% in the past seven days, according to Coin Market Cap. At the time of writing, Memecoin is trading at $0.00001514, with a market cap of over $8.9 billion.
Popular crypto analyst World Of Charts recently highlighted an interesting development in a tweet.
According to the tweet, a rising wedge pattern appeared on the SHIB price chart. The bullish pattern first appeared in March and has been consolidating since then, only to break out of the pattern on August 24.
The recent break above the falling wedge signaled further price upside, which could allow SHIB to retest its March highs in the coming weeks.
However, SHIB's price behavior turned bearish over the past 24 hours, with SHIB's price decreasing by 0.3%.
AMBCrypto planned to take a closer look at the state of memecoin to understand how likely SHIB is to regain bullish momentum.
Major players in the crypto space were actively trading Shiba Inu, according to an analysis of Santiment data. This was evident from the high number of whale transactions.
Our analysis also showed a slight increase in the supply of meme coins held by whales, indicating their optimism about SHIB and anticipation of a price increase.
Furthermore, an analysis of Glassnode data by AMBCrypto revealed a bullish metric. We found that SHIB's NVT ratio has decreased.
The lower the metric, the more likely the asset is to be undervalued, suggesting a rise in price. However, at the time of publication, the metric showed an upward trend.
Shiba Inu's price reached the upper Bollinger Bands indicator, which usually precedes a price correction. Additionally, SHIB's Chaikin Money Flow (CMF) indicator also took a hit, indicating a price decrease.
However, the MACD indicator favored buyers, indicating a bullish edge in the market.
While SHIB's near-term future seems uncertain, the ecosystem token Sheba Swap's Greatness [BONE] has turned bearish. The token price has dropped by more than 2% in the last 24 hours.
At the time of publication, the stock was trading at $0.4419, with a market cap of over $101 million.
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