On-Chain Metrics Signal 40% Potential Rally Ahead
The post On-Chain Metrics Signal 40% Potential Rally Ahead appeared on BitcoinEthereumNews.com.
Shiba Inu price suffered a steep correction in the August 4 market crash. Despite the following recovery, SHIB struggles to reclaim its previous highs as the market remains fearful. SHIB price dropped by 2.5% on Wednesday as on-chain metrics signal a bullish storm forming. The Shiba Inu chart sports a potential double bottom formation that could turn the tides for the dog-themed meme coin. Shiba Inu Price Wants to Break Out SHIB price chart currently displays a falling channel, suggesting a persistent downward trend. Recently, the price tested the lower boundary of the channel, signaling a potential short-term reversal or continuation of the downtrend depending on the upcoming price action. The 50-day EMA ($0.00001718) and the 200 EMA ($0.00001855) are the immediate resistance levels, with the latter being stronger due to its long-term significance. The upper boundary of the descending channel, around $0.000015, could also act as resistance. On the flip side, the lower boundary of the channel, around $0.000011, provides a key support level. If the price breaks below the channel, the next significant support would be around $0.000008, inferred from previous consolidation levels. The recent candlesticks near the lower channel boundary suggest a potential double-bottom pattern, a bullish reversal pattern. If confirmed, this could lead to a short-term rally to $0.00001855, and if surpassed, the price may rise higher to $0.00002748. The Relative Strength Index (RSI) is at 31.47, near oversold territory. This indicates that the asset might be undervalued in the short term, often a precursor to a bounce or reversal. The Chaikin Money Flow (CMF) is at 0.07, indicating a slight positive money flow, which suggests some buying interest is building. Shiba Inu Price Chart Shiba Inu price prediction shows that if the price breaks above $0.000014 and closes above the 50-day EMA, it may signal…
Filed under: News - @ August 7, 2024 6:16 pm