4 Bullish Shiba Inu Signals as the SHIB Price Taps a 3-Week High: Details
The post 4 Bullish Shiba Inu Signals as the SHIB Price Taps a 3-Week High: Details appeared on BitcoinEthereumNews.com.
TL;DR Shiba Inu’s recent resurgence coincides with an increased large transaction volume and a rise in Shibarium’s activity. However, SHIB’s RSI hitting the overbought level of 70 indicates that a price pullback may be imminent despite the overall positive market conditions. Further Rally on the Horizon? Shiba Inu (SHIB) has been among the best-performing cryptocurrencies lately, with its price rising to a three-week high of $0.00001457 on September 19. The meme coin gained momentum following the Fed’s decision to lower interest rates on September 18. It is worth noting that the entire crypto market headed north after the long-anticipated pivot. SHIB Price, Source: CoinGecko Certain on-chain indicators suggest SHIB’s price may keep pumping in the short term. IntoTheBlock data shows that the “In The Money” metric is up 1.79% on a daily scale. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits. As of the moment, 47% of all Shiba Inu investors are in the green, while 51% are underwater. Large transaction volume (where each SHIB transaction exceeds $100,000) reached over $18 million on a 24-hour scale, representing a 122% increase compared to the figure observed on September 19. The metric’s increase could trigger a positive investor sentiment and drive an additional number of participants into the ecosystem, hence a fresh flow of capital. The next factor we will touch upon is the resurgence of Shibarium. Daily transactions on the layer-2 blockchain solution have been gradually rising in the past few days, whereas active accounts have also headed north. The main purpose of the protocol is to foster the development of the Shiba Inu ecosystem by enhancing scalability, lowering transaction costs, and improving speed. As such, some market observers believe its further progress could propel a price increase for the meme…
Filed under: News - @ September 20, 2024 7:23 am