What Shiba Inu’s latest rally means for you
- Shiba Inu’s market indicators were bullish, suggesting a further uptrend.
- SHIB’s exchange reserve decreased, and sentiment around it improved.
Shiba Inu [SHIB] has shown signs of recovery from the bearish market that prevailed over the last few weeks. The market conditions were such that most cryptos bled. However, the scenario has changed for SHIB, as its weekly and daily charts were painted green.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Shiba Inu in bull run?
In a spot of good news, Shiba Inu’s price action has finally turned positive. According to CoinMarketCap, SHIB’s price had increased by 10% and 3% over the last seven days and the last 24 hours, respectively.
At the time of writing, SHIB was trading at $0.000007147 with a market capitalization of more than $4.2 billion, making it the 17th largest crypto.
Additionally, LunarCrush’s tweet revealed another bullish signal, which can further contribute to SHIB’s growth. As per the tweet, SHIB’s Altrank hit #1.
Based on relative combined social + market activity, Shiba Inu has hit AltRank™ 1 out of the top 4,481 coins across the market.
— LunarCrush (@LunarCrush) June 18, 2023
This is what the market looks like
A look at SHIB’s daily chart also pointed out quite a few metrics that were in the buyers’ favor. For example, SHIB’s Chaikin Money Flow (CMF) registered a sharp uptick. Its MACD also displayed a bullish crossover.
However, the Exponential Moving Average (EMA) Ribbon continued to support the bears. The Relative Strength Index (RSI) also registered a downtick and hovered under the neutral mark at press time – a bearish sign.
Investors show confidence in Shiba Inu
As per Santiment’s chart, SHIB’s supply on exchanges declined over the last week. This happened while the meme coin’s supply outside of exchanges increased, suggesting that investors were actively buying Shiba Inu.
Sentiment around SHIB also improved last week, as evident from its weighted sentiment. As per SHIBBURN, the token’s burn rate increased by 1,000% in the last 24 hours, which was optimistic.
However, SHIB’s supply held by top addresses registered a slight decline, which meant that the big players sold SHIB.
Is your portfolio green? Check the Shiba Inu Profit Calculator
Additionally, CryptoQuant’s data also gave hope for better days. The meme coin’s exchange reserve was decreasing, meaning that Shiba Inu was not under selling pressure. Another positive signal was its active addresses, which increased over the last 24 hours.
SHIB’s MVRV Ratio also recovered last week, increasing the chances of a continued uptrend. However, its network growth declined last week, indicating a negative development.