Shiba Inu Sees Activity Surge but Faces Selling Pressure
- Active Address Growth: The Shiba Inu (SHIB) network has seen a significant uptick in on-chain activity over the past day, with an increase in active wallets indicating renewed community engagement, despite a recent lull in interest.
- Transaction Trend Analysis: The rise in active addresses corresponds with an uptick in tokens being moved off exchanges, suggesting accumulation; however, the increase in SHIB being transferred to exchanges indicates potential selling pressure.
- Market Dynamics Impact: Although SHIB's trading price has risen by 6.01% in the past 24 hours, the increased inflow of SHIB to exchanges may lead to short-term price declines, reflecting a negative market sentiment.
- Investor Caution: Despite the surge in network activity, investors remain cautious about the significant transfers of SHIB to exchanges, closely monitoring for stronger long-term trend indicators, as the current trading activity may represent short-term profit-taking opportunities rather than a sustained bullish trend.
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Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB). As of , Shiba Inu (SHIB) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000505 | 0.00000542 | 0.00000574 | 0.00000611 | 0.00000643 | 0.0000068 | 0.00000712 |
| Fibonacci | 0.00000542 | 0.00000568 | 0.00000585 | 0.00000611 | 0.00000637 | 0.00000654 | 0.0000068 |
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