As SHIB’s price performance continues to be weak, bulls start to gather once again.
- SHIB has seen its first price increase in a month, potentially sparked by another Elon Musk speculation. Despite the uptick, SHIB’s overall trend remained bearish.
Shiba Inu [SHIB] has recently experienced its first price increase in a month, sparking speculations about a potential return of bullish momentum.
After weeks of decline and stagnation, the memecoin saw a sudden uptick after Elon Musk brought back talks of X Payments.
SHIB bulls are still around
Analyzing the SHIB/USDt chart below, we see that the price action is predominantly bearish, as indicated by the consistent decline below both the 50-period and 200-period moving averages.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator shows small fluctuations around the zero line, pointing to a lack of strong momentum in either direction until recently.
The slight positive divergence in the MACD, with it moving above the signal line, is interpreted by analysts as a subtle shift toward bullish momentum.
SHIB’s price stabilized around forty-eight hours ago.
As can be seen below, the meme coin has also been predominantly trending within the bounds of the Bollinger Bands, with a few exceptions where the price has touched or exceeded the upper or lower bands.
Source: TradingView
However, the Relative Strength Index (RSI) was below the midpoint of 50 at press time, indicating that while the downtrend momentum has weakened, the overall sentiment remains bearish.
SHIB is not bullish
Over the past two days, SHIB has been stuck in a tug-of-war between bullish and bearish sentiments within the market.
Source: TradingView
The Ichimoku Cloud remained above the price for most of the displayed period, showing a dominant bearish sentiment.
However, as SHIB approached the cloud towards the latest data points, it indicated a possible change in momentum. Penetrating the cloud could trigger a short-term bullish reversal, but it likely won’t be sustained.
52% of SHIB holders were making money at the prevailing price at press time, which was an encouraging sign for overall market sentiment. However, 46% of holders were out of the money.
Source: IntoTheBlock
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SHIB’s trading volumes have spiked, as has user engagement. However, the “In the Money” indicator was bearish, indicating that many addresses were holding SHIB at a loss compared to the current price.
All of SHIB’s on-chain signals were currently bearish, but exchange signals were bearish.
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