Shiba Inu hits 7-month low, then jumps 9% – Is $0.000013 next?
Shiba Inu successfully tested the $0.000010 support as buyers dominate the market.
- SHIB has made a significant recovery over the past day, rising by 9.09%
- Shiba Inu buyers have returned to the market, resulting in a bullish crossover.
Over the past week, Shiba Inu [SHIB] has experienced strong downward momentum, hitting a seven-month low over the past day.
However, the memecoin has shown a strong rebound in the 4-hour timeframe, recovering from $0.000010 to $0.00001213.
At press time, SHIB was trading at $0.00001212, reflecting a 9% increase in the past 24 hours. Before this upward movement, the memecoin had experienced a 23.79% decline over the past month, highlighting its recent recovery.
Shiba Inu’s price rebound signals a significant shift in market sentiment. Over the past day, SHIB’s Weighted Sentiment turned positive after being negative for three days.
This change reflects growing investor optimism about the memecoin, with expectations of a recovery from its recent dip. When prices hit multi-month lows, investors seized the opportunity to buy the dip, contributing to the price turnaround.
Looking further, this buyers’ influx into the market is evidenced by the fact that both Delta and Order Imbalances have turned positive. When these two turn positive, it suggests that there are more buy orders executed in the market than sell ones.
Thus, Shiba Inu is experiencing significant buying pressure.
Additionally, Shiba’s flow into exchanges points to strong bullish sentiments as netflow turned negative.
Coinglass reports that SHIB’s exchange outflows exceeded inflows over the past day, with a netflow of -60.84k. A negative spot netflow indicates strong investor accumulation, suggesting expectations of a near-term price rebound.
Can SHIB sustain the gains?
According to AMBCrypto’s analysis, SHIB has successfully tested $0.000010 support. This saw a strong bounce from this level to hit $0.000012 confirming that buyers have entered the market and defended the price level.
The recent bullish crossover on Shiba Inu’s RSI confirms strong buying momentum, suggesting the potential for continued upward movement. This positions the memecoin for further gains on its price chart.
If market sentiment remains positive and buying activity persists, SHIB could break out of the descending triangle and reclaim the $0.000013 level.
However, if bullish momentum fades, a pullback may occur, pushing the memecoin down to $0.0000115.
