Shiba Inu
Shiba Inu’s Q2 price prediction: Will SHIB retest $0.000030?
The golden cross suggests potential bullish trend for SHIB. But it also depends on the money and exchange flow.
- SHIB could be set to build on its recent increase, technical analysis revealed.
- The difference in exchange flow suggested sideways movement before the price bursts upward.
Shiba Inu [SHIB] posted an 11.69% increase in the last seven days. However, the token has been struggling to maintain that momentum over the last two days.
Irrespective of that, some technical indicators suggest that the price could get back to its rally. One of the signals AMBCrypto observed was the golden cross on the 4-hour SHIB/USD chart.
To get a golden cross, traders look at the Exponential Moving Average (EMA). This pattern forms when the shorter EMA crosses above the longer EMA.
Shiba Inu flashes a bullish sign
At press time, the 20 EMA (blue) had crossed over the 50 EMA (yellow)—A golden cross, indicating a bullish trend.
Furthermore, SHIB’s price had not slipped below the 50 EMA, meaning the thesis has not been invalidated.
However, the Money Flow Index (MFI) was down to 30.21. This decrease indicates that a lot of capital has flowed out of the SHIB market. In a bearish situation, this could lead the price to $0.000022.
However, the MFI might likely hit the oversold point, which could be around 20.00 or below. Should this be the case, the price of the Shiba Inu native token might rebound.
Sustaining the golden cross if (when) this happens could take the price higher.
Source: TradingView
The likely first stop could be $0.000027, after which, SHIB’s value could rise to $0.000030, which was close to the ceiling it hit in March.
For this, considering the technical aspect alone might be enough. Hence, AMBCrypto took things from the state of the token on-chain.
Consolidation before breakout
In doing this, we assessed the exchange inflow and outflow
. If the exchange inflow is higher than the outflow, it means that the token involved could face selling pressure, and the value could drop.On the other hand, a higher exchange outflow favors a price increase. As of this writing, SHIB’s exchange outflow was 53.20 billion. The inflow, at the opposite end, was 50.55 billion.
Historically, the 3 billion difference between the metrics might not be enough to support a one-directional movement. As such, SHIB’s price might consolidate in the short term.
Source: Santiment
From our outlook, the price might move between $0.000023 and $0.000025. Going forward, traders might need to keep an eye on the netflow.
In a case where the outflow doubles the exchange inflow, then we might see SHIB’s price move upward slowly. If sustained, a breakout to $0.00030 could be achieved.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
A summary of the analysis suggested that this rise could come to pass before the end of May.
However, there is a likelihood that this prediction could be invalidated. Thus, traders might need to watch for changes in the status of Shiba Inu on-chain, and from the technical perspective.
