Technical analysis of Shiba Inu showed that the bears had the advantage in the near term, but increased buying pressure could see a recovery.
The market structure on the 12-hour chart was bullish, but the past month’s pullback meant that the internal structure remained bearish.Unless it can climb above $0.0000275 and $0.0000295, a bearish short-term bias was justified. In the meantime, the attempts at recovery appeared to have some legs.
The CMF was above +0.05 and signaled heavy capital inflow and buying pressure. The RSI on the 12-hour chart was at 47 at press time, but briefly rose above neutral 50 in recent days.The 30-day MVRV ratio has been negative for most of April. This showed holders were at a loss and a lack of conviction. Also, the mean coin age has trended firmly upward in the past six weeks.
Together with the MVRV, it signaled a good buying opportunity. The Weighted Sentiment was also positive in the past few days, highlighting a sentiment shift in favor of the bulls.. The short-term technical outlook remained bearish, but traders must be prepared for a move higher.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.
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