Whales Sell Shiba Inu (SHIB) : Should You Exit Too ?
The crypto market has shown signs of recovery recently, presenting lucrative opportunities for investors. Nevertheless, is it the right time to sell your Shiba Inu (SHIB) tokens?
A 24% Rise in Shiba Inu (SHIB)
After an impressive rally, the Shiba Inu (SHIB), the flagship memecoin, is facing signs of weakness hinting at a possible short-term decline. Let’s delve into the analysis of this fragile bullish dynamic.
Despite a 24% gain over the past week, Shiba Inu is showing signs of fatigue on the technical front. The Bollinger Band Trend (BBTrend), a key market momentum indicator, is declining. The size of the green bars on the indicator is decreasing, indicating a weakening of buying pressure.
Furthermore, the Long/Short ratio of SHIB has dropped below 1, indicating an increased preference for short positions among traders. This rise in short interest suggests a lack of confidence in Shiba Inu’s ability to sustain its bullish trajectory.
A Potential Downturn Correction Ahead ?
The Chaikin Money Flow (CMF) of SHIB, a momentum indicator, also shows a decrease in buying pressure among traders. If it drops below the zero line, it would confirm a negative market trend reversal, paving the way for a downside correction.
In this scenario, Shiba Inu could erase some of its recent gains and fall towards $0.000010. However, if the price manages to maintain its bullish trend, it could reach a multi-year high of $0.000019 on the exchanges.
Although the rebound of Shiba Inu is impressive, technical signals suggest a possible short-term decline. Investors are advised to closely monitor market developments and adjust their positions accordingly. The future of SHIB remains uncertain and requires thorough analysis before any commitment.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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