This week, Shiba Inu (SHIB), the second largest memecoin on the market, has seen an impressive surge in volume, as large buyers drove the significant purchase of approximately 10.25 trillion SHIB, outpacing the selling pressure with a 250 billion SHIB difference. This was noticed by the blockchain-intelligence company IntoTheBlock, and resulted in the memecoin’s trading volume accelerating to unprecedented heights.
Unfortunately, the 24-hour trading volume of SHIB has decreased drastically by 25.74%, currently sitting at just $127 million, according to the cryptocurrency tracker CoinMarketCap. This could be an indication of a potential price reversal for the token, as it currently trades 4.05% lower in the last 24 hours, with prices of $0.000009033.
The technical indicators for Shiba Inu (SHIB) are also suggestive of a bearish market as the 9-day MA crosses over the 9-day MA. This can be seen as a sign of an incoming downturn. Additionally, the RSI of SHIB is below 30, reflecting an oversold state and giving the option of buying signals in the market.
Melanie Lee
- 2023-05-08
Is Shiba Inu (SHIB) Headed for a Price Reversal?
This week, Shiba Inu (SHIB) experienced an impressive surge in volume due to large buyers; however, the 24-hour trading volume of SHIB has decreased drastically, possibly signifying a price reversal. The market's technical indicators suggest a bearish market.
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