- SHIB’s price rose by double digits last week.
- However, a few indicators turned bearish for the memecoin.
The crypto market remained bullish last week, allowing for several cryptos Shiba Inu [SHIB]to make huge profits. Thanks to that, the world’s second largest memecoin managed to break a bullish pattern, indicating a further price increase in the coming days.
The Bullish Shiba Inu Breakout
According to CoinMarketCapShiba Inu witnessed a price increase of over 13% in the last seven days. At the time of writing, the memecoin was trading at $0.00001514 with a market cap of over $8.9 billion, making it the 13th largest crypto.
While that was happening, World Of Charts, a popular crypto analyst, recently posted tweet shows an interesting development.
According to the tweet, a bullish falling wedge pattern appeared on SHIB’s chart. The bullish pattern first appeared in March and has consolidated since then, only to break out on August 24.
The latest breakout above the falling wedge indicated further price appreciation, which could allow SHIB to retest the March highs in the coming weeks.
Source:
However, SHIB’s price action turned bearish over the past 24 hours. This was the case when SHIB’s value fell by 0.3%.
Therefore, AMBCrypto planned to take a closer look at the state of the memecoin to understand how likely it is that SHIB will regain bullish momentum.
What can you expect from SHIB?
Our analysis of Santiment’s data showed that the major players in the crypto space were actively trading Shiba Inu. This was clearly evident from the increase in the number of whale transactions.
Source: Santiment
Moreover, the supply of the memecoin held by whales also registered a slight increase, indicating that the whales had confidence in SHIB as they expected a price increase.
Apart from this, AMBCrypto’s analysis of Glassnode’s data also pointed to a bullish metric. We found that SHIB’s NVT ratio registered a decline.
When the measure falls, it indicates that an asset is undervalued, which signals an increase in price. However, at the time of writing, the metric was gaining upward momentum.
Source: Glassnode
The price of Shiba Inu had reached the upper limit of the Bollinger Bands, which often leads to price corrections. Moreover, SHIB’s Chaikin Money Flow (CMF) also fell sharply, further indicating a price decline.
Nevertheless, the MACD remained in favor of the buyers as it showed a bullish edge in the market.
Source: TradingView
Is your portfolio green? View the SHIB profit calculator
Although SHIB’s near-term future seemed somewhat uncertain, it was emblematic of the ecosystem BONE ShibaSwap [BONE] has already turned bearish. The token price had fallen by more than 2% in the past 24 hours.
At the time of writing, it was trading at $0.4419 with a market cap of over $101 million.