{"id":8290,"date":"2024-09-20T07:14:48","date_gmt":"2024-09-20T07:14:48","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8290"},"modified":"2024-09-20T07:14:48","modified_gmt":"2024-09-20T07:14:48","slug":"4-bullish-shiba-inu-signals-as-the-shib-price-taps-a-3-week-high-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8290","title":{"rendered":"4 Bullish Shiba Inu Signals as the SHIB Price Taps a 3-Week High: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu\u2019s recent resurgence coincides with an increased large transaction volume and a rise in Shibarium\u2019s activity.
\nHowever, SHIB\u2019s RSI hitting the overbought level of 70 indicates that a price pullback may be imminent despite the overall positive market conditions.<\/p>\n

<\/a><\/span><\/h2>\n

Further Rally on the Horizon?<\/h2>\n

Shiba Inu (SHIB) has been among the best-performing cryptocurrencies lately, with its price rising to a three-week high of $0.00001457 on September 19. The meme coin gained momentum following the Fed\u2019s decision to lower interest rates on September 18. It is worth noting that the entire crypto market <\/span>headed north<\/span><\/a> after the long-anticipated pivot.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Certain<\/span> on-chain indicators suggest SHIB\u2019s price may keep pumping in the short term. IntoTheBlock data <\/span>shows<\/span><\/a> that the \u201cIn The Money\u201d metric is up 1.79% <\/span>on a daily scale<\/span>. The technical analysis tool measures the change in the number of SHIB investors currently sitting on paper profits. <\/span>As of the moment<\/span>, 47% of all Shiba Inu investors are in the green, while 51% are underwater.<\/span><\/p>\n

Large transaction volume (where each SHIB transaction exceeds $100,000) reached over $18 million on a 24-hour scale, representing a 122% increase compared to the figure observed on September 19.<\/span><\/p>\n

The metric\u2019s increase could trigger a positive investor sentiment and drive <\/span>an additional number of<\/span> participants into the ecosystem, hence a fresh flow of capital.\u00a0<\/span><\/p>\n

The next factor we will <\/span>touch upon is the resurgence of Shibarium. Daily<\/span> transactions on the layer-2 blockchain solution have been gradually <\/span>rising<\/span><\/a> in the past few days, whereas<\/span> active accounts have also headed north.<\/span><\/p>\n

The <\/span>main purpose of the protocol<\/span> is to foster the development of the Shiba Inu ecosystem by enhancing scalability, lowering transaction costs, and improving speed.<\/span> As such, some market observers believe its further progress could propel a price increase for the meme coin. For more updates on the ecosystem,\u00a0<\/span>make sure to<\/span>\u00a0check out our\u00a0<\/span>Shibarium news<\/span><\/a>.<\/span><\/p>\n

Shiba Inu\u2019s exchange netflow is the fourth bullish factor we will focus on. Over the past 30 days, outflows have predominantly <\/span>surpassed<\/span><\/a> inflows, <\/span>hinting at<\/span> a shift from centralized platforms to self-custody methods. <\/span>This<\/span> could <\/span>be considered<\/span> a good sign for the bulls since it reduces the immediate selling pressure.<\/span><\/p>\n

It\u2019s Not All Sunshine and Roses<\/span><\/h2>\n

Despite the overall favorable conditions, <\/span>there is one element suggesting<\/span> SHIB\u2019s value could experience a pullback <\/span>in the near future<\/span>.<\/span><\/p>\n

Specifically, this is the Shiba Inu Relative Strength Index (RSI), which <\/span>jumped<\/span><\/a> to the overbought territory <\/span>of<\/span> 70 today (September 20).<\/span><\/p>\n

Conversely, readings below 30 signal that the asset could be oversold, meaning a price rally might be <\/span>just<\/span> around the corner.\u00a0<\/span><\/p>\n

The post 4 Bullish Shiba Inu Signals as the SHIB Price Taps a 3-Week High: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s recent resurgence coincides with an increased large transaction volume and a rise in Shibarium\u2019s activity. However, SHIB\u2019s RSI hitting the overbought level of 70 indicates that a price pullback may be imminent despite the overall positive market conditions. Further Rally on the Horizon? Shiba Inu (SHIB) has been among the best-performing cryptocurrencies […]<\/p>\n","protected":false},"author":0,"featured_media":8291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8290"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8290"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8291"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}