- The price of SHIB has risen over the last 24 hours according to CoinMarketCap.
- SHIB’s price was able to break above the 61.8% Fib level.
- There may be some short-term sell pressure that will delay SHIB’s recovery.
The price of the second largest meme token by market cap, Shiba Inu (SHIB), has risen 2.26% over the last 24 hours according to CoinMarketCap. Despite the 24-hour gain, SHIB’s price performance is still in the red at -13.97% over the last week. As a result, the price of SHIB stands at $0.00001285.
This comes after SHIB’s price broke above the 61.8% Fib level at $0.00001269. The break above this level may be short-lived, however, given the bearish structure currently indicated by the RSI indicator on SHIB’s chart. This suggests that SHIB’s price could retest the 50% Fib level at $0.00001175 in the coming days.
The bearish sentiment indicated by SHIB’s RSI may be invalidated given that the Money Flow Index (MFI) has historically always rebounded from the mid-level on the 12-hour time frame chart. Should this pattern repeat, it will suggest an increasing demand for SHIB.
Furthermore, a small uptick in buying pressure will result in bulls having enough momentum to overcome the price hurdle at $0.00001316. This move will then invalidate the bearish thesis.
The blockchain intelligence firm, Santiment, shows that SHIB recorded little demand as short-term supply increased. In addition to this, the Supply on Exchanges recorded an uptick. This indicates that more SHIB was moved to exchange platforms for offloading.
This short-term sell pressure could delay SHIB’s long-term recovery. This short-term sell pressure may also be accompanied by a short-term devaluation for SHIB given that the supply out of exchanges registered a drop – a sign that SHIB demand was low compared to its supply.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Post Views: 10