Shiba Inu Shows Bullish Signals Amid Rising Trading Activity

Shiba Inu Shows Bullish Signals Amid Rising Trading Activity

Shiba Inu (SHIB) is showing signs of a potential uptrend as its price hovers around $0.000016. The current price movement suggests a possible breakthrough, with SHIB’s volume also on the rise.

Price Dynamics And Indicators

Recently, SHIB has been fluctuating around the $0.000016 mark. Encouragingly, the price movement is gradually increasing, signaling stabilization after a period of decline. The 50 EMA trends above the price, and the 200 EMA provides support, indicating a consolidation phase. 

SHIB/USDT Chart by TradingView

Such positioning typically suggests that the asset is building momentum for a possible breakout. With a Relative Strength Index (RSI) of 43, SHIB is not in the overbought area, leaving room for upward movement. The bottom portion of the chart shows a recent increase in trading volume, supporting the idea that SHIB is gaining popularity and activity. Both factors could positively impact the cryptocurrency’s price. 

Related article: Why Shytoshi Kusama Believes Shiba Inu Is Just Getting Started

In the past 24 hours, there have been 57 significant transactions, and on July 5, 2024, there were 199 transactions, marking the seven-day high. Large holders are taking significant action, which could be a bullish signal.

On-Chain Data and Market Sentiment

In the last 24 hours, 1.65 trillion SHIB have been transacted, with a seven-day high of 5.71 trillion SHIB on July 8, 2024. This volume suggests that major participants are actively trading SHIB, likely influencing the price positively. Out of three indicators, two are bullish, one is bearish, and the overall sentiment is mostly bullish. The neutral net network growth indicates steady interest in the asset.

Related article: Shiba Inu Holders Rally for Exchange-Supported Token Burns

Shiba Inu (SHIB) is showing signs of a possible uptrend as its price stabilizes and trading volume increases. Moreover, the technical indicators and on-chain data suggest that SHIB is building momentum for a potential breakout.

With large holders actively trading and market sentiment mostly bullish, SHIB could see further upward movement in the near future.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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