- SHIB was up by over 5% in the last 24 hours.
- Buying pressure was high, but technical indicators remained bearish.
The market condition changed in the last few hours, allowing several cryptos, including Shiba Inu [SHIB], to turn bullish.
If the latest data is to be considered, then things for SHIB might get even more volatile as it can surpass its March highs in the coming weeks.
Shiba Inu turns bullish
The last few hours went in investors favor as SHIB turned bullish. According to CoinMarketCap, SHIB was up by more than 5% in the last 24 hours.
At the time of writing, the meme coin was trading at $0.0000221 with a market capitalization of over $13.2 billion. As per IntoTheBlock’s data, at press time, 57% of SHIB investors were in profit.
Thanks to the latest price uptick, SHIB’s Social Volume spiked, reflecting a rise in its popularity.
Its Weighted Sentiment also remained relatively high, suggesting that bullish sentiment around the meme coin was dominant in the market.
Source: Santiment
There was better news, as a bullish pattern emerged on the meme coin’s price chart. Ali, a popular crypto analyst, recently posted a tweet highlighting a bullish flag pattern on SHIB’s chart.
As per the tweet, a bullish breakout from the pattern could result in SHIB touching $0.000072323.
What to expect from SHIB?
To see whether Shiba Inu will manage to exit from the pattern, AMBCrypto analyzed the meme coin’s on-chain metrics.
We found that after a massive spike on the 28th of April, the meme coin’s network-to-value (NVT) ratio dropped sharply.
For starters, a drop in the metric means that an asset is undervalued. Therefore, the chances of SHIB’s price moving up seemed likely.
Source: Glassnode
On top of that, buying pressure on SHIB was also rising, which can be inferred as a bull signal. AMBCrypto’s analysis of Santiment’s data revealed that Shiba Inu’s exchange outflow spiked.
Its Supply on Exchanges also dropped, while its Supply outside of Exchanges increased. This further proved the fact that buying pressure on SHIB was high.
Nonetheless, it was surprising to note that despite the recent price increase, Shiba Inu’s MVRV ratio remained low.
Source: Santiment
We then took a look at SHIB’s daily chart to find out what technical indicators had to suggest. While the metrics looked bullish, the indicators told a different story.
Read Shiba Inu [SHIB] Price Prediction 2024-25
The meme coin’s MACD displayed a bearish crossover. Its Money Flow Index (MFI) also registered a downtick as it went under the neutral mark.
These indicate that the possibility of Shiba Inu’s bull rally coming to an end can’t be ruled out yet.
Source: TradingView
