Bittime - In recent days, crypto market conditions underwent changes that allowed several coins, including Shiba Inu (SHIB), to show positive movements on their charts.
Even though SHIB managed to record quite promising profits, negative sentiment towards this meme coin is still quite high.
The question is, is this increase simply the result of a bull market, or are there metrics to support it?
Shiba Inu Experiences Price Increase
After experiencing a price decline of more than 5% in the previous week, Shiba Inu finally showed positive movement and entered a bullish phase. This increase is in line with the overall crypto market trend which is starting to show recovery.
In the last 24 hours, the value of the Shiba Inu coin, known as a meme coin, showed an increase of almost 5%, according to data from CoinMarketCap. Currently, the coin is trading at $0.00002845 with a market cap of over $16 billion.
Even though prices have increased, trading volume has actually decreased in the last 24 hour period.
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Santiment Data Analysis
Data analysis from Santiment shows some red flags. Shiba Inu Weighted Sentiment is still in the negative zone, indicating low investor confidence in this coin.
This shows that market sentiment towards this meme coin is still dominated by bearish sentiment.
Will Shiba Inu's Rise Continue?
Even though market sentiment towards SHIB currently tends to be negative, there are several indicators that show the potential for continued increases.
High Buying Pressure
Metric analysis shows that there is high buying pressure on this meme coin. This is evidenced by an increase in supply outside the exchange and a decrease in supply on the exchange.
Increasing Off-Exchange Supply indicates that investors are withdrawing SHIB from exchanges to hold in their personal wallets, signaling long-term optimism.
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Stock Outflows Increase
The surge in Exchange Outflows in recent weeks indicates that investors are actively buying SHIB and moving it off exchanges. This strengthens the indication of high buying pressure and potential price increases.
Crypto Price Volatility
Nonetheless, it is important to remember that the crypto market is always full of volatility. Market sentiment can change quickly, and investors need to do their own research before making an investment decision.
$SHIB Price
The recent increase in Shiba Inu (SHIB) price has had a positive impact on the MVRV ratio. This ratio shows that the opportunity for sustainable price increases is still wide open. However, a different signal emerges from the network-to-value (NVT) ratio.
The NVT ratio saw a sharp spike, indicating that SHIB may currently be in overvalued territory. This increases the possibility of a price correction in the future.
Analysis of SHIB technical indicators suggests a potential end to this meme coin's upward trend in the near future. This was indicated by a slight decline in the Money Flow Index (MFI).
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MACD Analysis and Chaikin Money Flow (CMF) Shiba Inu (SHIB)
SHIB MACD is showing a strong bearish signal in the market. Both MACD indicators, namely the MACD line and MACD signal, are below level 0.
This indicates that selling momentum is dominating the market and the SHIB price is likely to fall in the coming days.
However, Chaikin Money Flow (CMF) shows a slightly different signal. CMF is still in positive territory, although it is moving south towards the neutral number 0.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT . To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime .
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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