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Shiba Inu: Negative sentiments rise; trend reversal seems likely, here’s why

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Shiba Inu: Negative sentiments rise; trend reversal seems likely, here's why
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  • The Shiba Inu team received thousands of submissions to the Shibarium intake form.
  • SHIB’s RSI and stochastic indicators were oversold, at press time.

As the wait for the much-hyped Shiba Inu’s [SHIB] Shibarium launch continues, the market’s overall sentiment around SHIB seems to have taken a toll.

Santiment’s chart revealed that SHIB’s weighted sentiments shifted towards the negative side during the last two days, reflecting that the investors were hesitant to bet on SHIB. 

Source: Santiment

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Price action remained against investors’ interest

SHIB’s performance on the price front was in the sellers’ favor, as its daily and weekly charts were red. According to CoinMarketCap, SHIB was down by over 2% in the last 24 hours.

At the time of writing, it was trading at $0.00001098 with a market capitalization of more than $6 billion. While the price dropped, SHIB’s trading volume also registered a decline of 18% on 5 March. Thus, reflecting the dwindling interest of the community in the asset.

However, Shytoshi’s latest tweet gave hope for a change in the market sentiment. The tweet mentioned that the team received thousands of submissions to the Shibarium intake form.

He expects emails to go out for the submissions soon. This sparked excitement within the community and made the #Shibarium trend on Twitter. 

Despite bearish market conditions, SHIB’s health seemed to be doing well in terms of network performance.

For instance, the total number of transactions per day on ShibaSwap has been on the rise, reflecting increased usage of the network.

In addition to that, Dune’s data revealed that the count of SHIB holders registered an increase on 3 March.

Source: Dune

Interestingly, similar confidence was shown also by the whales. WhaleStats, a popular Twitter handle that posts updates related to whale activity revealed that Shiba Inu topped the list of the cryptos that the top 500 Ethereum whales were holding. 

Realistic or not, here’s SHIB market cap in BTC’s terms

A price correction is on the way?

CryptoQuant’s data suggested that investors’ confidence in SHIB might soon reflect on its chart.

SHIB’s Relative Strength Index (RSI) and stochastic were both in oversold positions. Thus, hinting at a trend reversal that can be expected in the coming days.

On top of that, SHIB’s exchange reserve was decreasing, which meant that the token was not under selling pressure, further increasing the chances of a price uptick. 

Source: CryptoQuant

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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