The market condition somewhat changed in the last few hours, allowing several cryptos, including Shiba Inu [SHIB], to turn bullish...
to turn bullish. While this seemed to be an optimistic sign, at press time, a bearish pattern was laying claim to the memecoin’s price charts., SHIB finally turned bullish after a sluggish week, as its value climbed by over 2% in 24 hours. At the time of writing, the memecoin was trading at $0.00002348 with a market capitalization of over $13.8 billion, making it the 11th largest crypto.This was evidenced by the dip in its weighted sentiment.
Alas, concerns for SHIB are far from over. AMBCrypto’s analysis of Shiba Inu’s daily chart revealed a descending triangle pattern. For starters, it was a bearish pattern, which often results in price declines after a southward breakout.AMBCrypto’s analysis of Hyblock Capital’s data revealed that if SHIB’s price declines in the near term, its value might drop to a crucial support near $0.000020. If this is the case, liquidations would rise sharply at that level.
The memecoin’s exchange inflows also increased sharply last week, meaning that selling pressure on SHIB was high. On the contrary, the MVRV ratio was bullish as it improved over the last few days.A few of the market indicators also remained bearish for Shiba Inu. For example, the Chaikin Money Flow registered a sharp downtick. Its Relative Strength Index was resting under the neutral zone as it had a value of 45.5.
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