NEW YORK, NY – The cryptocurrency market witnessed a surge in prices last week, leading several digital assets, including Shiba Inu (SHIB), to experience significant gains. Amidst this positive trend, SHIB managed to break above a bullish pattern, indicating potential for further price increases in the near future.
According to data from CoinMarketCap, SHIB saw a more than 13% price increase in the last seven days, trading at $0.00001514 with a market capitalization exceeding $8.9 billion, ranking it as the 13th largest cryptocurrency by market value.
An interesting development was noted by World Of Charts, a notable crypto analyst, who shared on Twitter that a bullish falling wedge pattern had appeared on SHIB’s chart, signaling a potential price surge. The breakout above the falling wedge pattern suggested the possibility for SHIB to revisit its highs from March in the upcoming weeks.
Despite the recent bullish momentum, SHIB experienced a slight price decrease of 0.3% in the past 24 hours. As a result, AMBCrypto decided to conduct a comprehensive analysis of the memecoin’s current state to assess the likelihood of a return to bullish momentum.
Analysis of data from Santiment revealed active trading of Shiba Inu by prominent players in the cryptocurrency space, as evidenced by an increase in whale transaction count. Additionally, an uptick in SHIB’s whale-held supply indicated confidence among investors, anticipating a price uptick.
Further analysis of Glassnode’s data unveiled a bullish metric for SHIB, with the NVT ratio showing signs of undervaluation, hinting at potential price appreciation. However, recent observations of SHIB touching the upper Bollinger Bands and a sharp dip in the Chaikin Money Flow indicated possibilities of price corrections.
Despite these bearish signals, the Moving Average Convergence Divergence (MACD) remained in favor of buyers, showcasing a bullish trend in the market. As SHIB’s near-term future appeared uncertain, its ecosystem token, BONE ShibaSwap, had already turned bearish, experiencing a price drop of more than 2% in the last 24 hours.
As market dynamics continue to evolve, investors are advised to stay vigilant and monitor price movements closely to make informed decisions regarding their portfolios.