The bulls are upbeat after one of the worst sessions of the early trading week. Now bulls are trying to spark a reversal. SHIB price has noted minor upticks after the downfall.
As soon as the Bitcoin price triggered a rise, the meme coin leader started to recuperate. Besides the crypto altcoins, SHIB bounced back in the ongoing trading session, and a bullish projection was noted. However, it still follows the path of the falling channel and remains capped inside it.
A long-legged rejection candlestick was spotted in yesterday’s session, and follow-on recovery was exhibited. This means sellers have covered their positions at the bottom, and buyers have handled the charge by beginning the accumulation.
At press time, the SHIB price traded at $0.00001348 with an intraday surge of 18.20%. It reflected a pullback on the chart. It has a monthly return ratio of -22.20% and 33.20% yearly, reflecting short-term weakness.
The pair of SHIB/BTC is at 0.000000000244 BTC and ranked at 16 with a market cap of $7.90 Billion.
SHIB Price Recovers From Bottom?
In the intraday session, SHIB exhibited an impressive recovery and showed signs of accumulation. However, a lack of volume buying interest was still a primary concern for the recovery.
Still, lower low swings were intact, and bulls failed to settle and close above the 20-day EMA mark. This defined the declining trend.
The RSI curve had a reading of 28 sails in the oversold trajectory and plotted a negative divergence.
Likewise, the MFI and CMF indicator displayed the bearish cues and conveyed that the downtrend was imminent.
Active Addresses and Transaction Volume Data Insights
Active addresses data noted flat movements and displayed a minor spike, noted around 4288. It conveyed a slight increase in the confidence and optimism for SHIB.
The transaction volume saw a notable rise of over 2% intraday. This means substantial activity amidst the broader market decline.
Despite this transaction volume surge, SHIB’s price struggled to acquire traction. It failed to close above the primary resistance mark of $0.00001400.
A sharp spike in the velocity curve was spotted, which signifies the increased trading frequency of investors and traders. This conveyed the trader’s anticipation of chasing the pullback ahead.
Majority Are in Red
In addition to the price correction, the GIOM indicator data conveys that 45% of SHIB addresses were sitting in profit. Conversely, over 54% of holders faced unrealized losses and wanted to cover their positions.
This significant address shift might not lead to a square of the holders’ positions, and bearish legs may not be seen ahead.
The futures Open Interest (OI) increased over by 4.95% to $25.77 Million, highlighting minor long additions in the overnight session.
Shiba Inu has an immediate support zone placed around $0.00001280 and $0.00001220, whereas the upside resistance zone was exist around
However, it seems Shiba Inu is already dealing with headwinds, as shown by the bearish price action, and has also been influenced by the recent global financial crisis, affecting its supply.
Thus, its further prospects largely depend on investor activity which will stay quite reserved in the near future.
