SHIB stuck to the positive market sentiment it has experienced over the last month.
- SHIB surged by 3.50% in the last 24 hours. Shiba Inu’s fundamentals suggested buying opportunities as buyers reentered the market.
Since reaching a high of $0.00002169, Shiba Inu [SHIB] has struggled to reclaim higher levels. Despite this, the recent price action of SHIB has restored trader optimism.
As of this writing, SHIB was trading at $0.00001788. This marked a 6.82% increase on weekly charts, with an extension of this bullish trend by 3.50% over the past day.
Equally, on the monthly charts, SHIB has surged by 37.05%.
Source: Market Prophit
Over the past 24 hours, SHIB has lead memecoin recovery with the most gains, all the while experiencing favorable market sentiment.
AMBCrypto’s look at Market Prophit indicated that crowd sentiment was 0.1521 at press time, while the Buzz Score was 0.9025.
While Shiba Inu has recently declined, the past 24 hours have changed the market trajectory.
What SHIB’s charts say
According to AMBCrypto’s analysis, SHIB was experiencing favorable market conditions, which could set the memecoin for further gains.
Source: Santiment
For example, Shiba Inu’s price DAA divergence has remained positive through the past seven days, showing that the price rise was supported by real user activity, not mere speculation.
This signals market confidence in the memecoin’s value.
Source: Cryptoquant
Additionally, Shiba Inu’s exchange reserve has experienced a sustained decline over the last month, from 141 trillion to 139.2 trillion at press time.
Such market behavior causes a supply squeeze, causing prices to surge as buyers compete for a smaller pool of the available tokens.
Source: Coinglass
Finally, while Shiba Inu has experienced a price dip from $0.00001884 to $0.0001724 in the past few days, the demand for long positions has remained constant.
AMBCrypto’s look at Coinglass data showed that the memecoin had been enjoying a positive OI-Weighted Funding Rate over the past week.
So, the recent drop was a market correction that has created a buying opportunity for buyers to enter the market. As such, Shiba Inu is now well positioned to reach $0.00001940 in the short term.
Conversely, in case of market correction, Shiba Inu will find support at $0.00001736.
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