Shiba

Rose

LunarCrush

Shiba Inu

Reversal

<p>The bulls are upbeat after one of the worst sessions of the early trading week. Now bulls are trying to spark a reversal. SHIB price has noted minor upticks after the downfall. </p> 
<p>As soon as the Bitcoin price triggered a rise, the meme coin leader started to recuperate. Besides the crypto altcoins,<strong> SHIB </strong>bounced back in the ongoing trading session, and a bullish projection was noted. However, it still follows the path of the falling channel and remains capped inside it.</p> 
<p>A long-legged rejection candlestick was spotted in yesterday’s session, and follow-on recovery was exhibited. This means sellers have covered their positions at the bottom, and buyers have handled the charge by beginning the accumulation.</p> 
<p>At press time, the <strong>SHIB</strong> price traded at $0.00001348 with an intraday surge of 18.20%. It reflected a pullback on the chart. It has a monthly return ratio of -22.20% and 33.20% yearly, reflecting short-term weakness.</p> 
<p>The pair of SHIB/BTC is at 0.000000000244 BTC and ranked at 16 with a market cap of $7.90 Billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-shib-price-recovers-from-bottom"><strong>SHIB Price Recovers From Bottom?</strong></h2> 
<p>In the intraday session, <strong>SHIB </strong>exhibited an impressive recovery and showed signs of accumulation. However, a lack of volume buying interest was still a primary concern for the recovery.&nbsp;</p> 
<p>Still, lower low swings were intact, and bulls failed to settle and close above the 20-day EMA mark. This defined the declining trend.</p> <iframe loading="lazy" title="Santiment Chart: Price (SHIB), Volume (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bprice_usd%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Bvolume_usd%3Bshiba-inu%3BSHIB%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI curve had a reading of 28 sails in the oversold trajectory and plotted a negative divergence.&nbsp;</p> 
<p>Likewise, the MFI and CMF indicator displayed the bearish cues and conveyed that the downtrend was imminent.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4f8.png" alt="📸" class="wp-smiley" style="height: 1em; max-height: 1em;">SNAPSHOT: <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a><br><br>6M Social + Market Activity<br>Social interactions +2,760%<br>Active creators posting +2,805%<br>Price +53.7%<br>Trading volume +452%<a href="https://t.co/tSY3x4AD1a">https://t.co/tSY3x4AD1a</a> <a href="https://twitter.com/Shibtoken?ref_src=twsrc%5Etfw">@Shibtoken</a> <a href="https://t.co/wQeWwm65iZ">pic.twitter.com/wQeWwm65iZ</a></p>— LunarCrush Social Intelligence (@LunarCrush) <a href="https://twitter.com/LunarCrush/status/1820599210884145304?ref_src=twsrc%5Etfw">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-active-addresses-and-transaction-volume-data-insights"><strong>Active Addresses and Transaction Volume Data Insights</strong></h2> 
<p>Active addresses data noted flat movements and displayed a minor spike, noted around 4288. It conveyed a slight increase in the confidence and optimism for SHIB.</p> <iframe loading="lazy" title="Santiment Chart: Active Addresses 24h (SHIB), Transaction Volume USD (SHIB), Velocity (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bactive_addresses_24h%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Btransaction_volume_usd%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Bvelocity%3Bshiba-inu%3BSHIB%5D&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%3B" scrolling="no"></iframe> 
<p>The transaction volume saw a notable rise of over 2% intraday. This means substantial activity amidst the broader market decline.</p> 
<p>Despite this transaction volume surge, SHIB’s price struggled to acquire traction. It failed to close above the primary resistance mark of $0.00001400.</p> 
<p>A sharp spike in the velocity curve was spotted, which signifies the increased trading frequency of investors and traders. This conveyed the trader’s anticipation of chasing the pullback ahead.</p> 
<h2 class="wp-block-heading" id="h-majority-are-in-red"><strong>Majority Are in Red</strong></h2> 
<p>In addition to the price correction, the GIOM indicator data conveys that 45% of SHIB addresses were sitting in profit. Conversely, over 54% of holders faced unrealized losses and wanted to cover their positions.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="390" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1024x390.png" alt="SHIB GIOM Indicator Data | Source: IntoTheBlock" class="wp-image-651231" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1024x390.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-300x114.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-768x293.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-150x57.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-696x265.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1068x407.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64.png 1215w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <strong>GIOM Indicator Data &nbsp; Source: IntoTheBlock</strong>
 </figcaption>
</figure> 
<p>This significant address shift might not lead to a square of the holders’ positions, and bearish legs may not be seen ahead.</p> 
<p>The futures Open Interest (OI) increased over by 4.95% to $25.77 Million, highlighting minor long additions in the overnight session.</p> 
<p>Shiba Inu has an immediate support zone placed around $0.00001280 and $0.00001220, whereas the upside resistance zone was exist around&nbsp;</p> 
<p>However, it seems <strong>Shiba Inu </strong>is already dealing with headwinds, as shown by the bearish price action, and has also been influenced by the recent global financial crisis, affecting its supply.</p> 
<p>Thus, its further prospects largely depend on investor activity which will stay quite reserved in the near future.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/06/shib-price-rose-over-20-intraday-signs-of-reversal-or-bear-trap/">SHIB Price Rose Over 20% Intraday: Signs Of Reversal Or Bear Trap</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

SHIB Price Rose Over 20% Intraday: Signs Of Reversal Or Bear Trap

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 7, 2024

Is Bitcoin Really Safe? New Insights from ‘Black Swan’ Author on Recent Crash

Ethereum (ETH) Whales Grab New 1000x Memecoin That Built On The Ethereum (ETH) Blockchain

BlackRock Issues Urgent Warning Over Rising Crypto Scams Targeting ETF Investors

Americans still want AI despite heightened scam fears: study

Binance tokens plunge: 29 out of 30 tokens in red for 2024

Bitcoin, Ethereum ETFs see record volumes amid market recovery

Join our free newsletter for daily crypto updates!