- SHIB’s stock price jumped by double digits last week.
- However, some indicators have turned bearish on Meemcoin.
The cryptocurrency market remained bullish last week, allowing many cryptocurrencies, including Shiba Inu [SHIB]The world’s second-largest cryptocurrency, Memecoin, has made huge gains, breaking through an uptrend, indicating another price surge in the coming days.
Shiba Inu Stock Bullish Breakout
As is Coin Market CapShiba Inu has seen a price increase of over 13% in the past seven days. At the time of writing, Memecoin is trading at $0.00001514 with a market cap of over $8.9 billion, making it the 13th largest cryptocurrency by volume.
While this was happening, World Of Charts, a popular crypto analyst, recently published tweet Revealed an interesting development.
According to the tweet, a rising wedge pattern has appeared on the SHIB stock chart. The bullish pattern first appeared in March and has been in consolidation ever since, only to break out of the pattern on August 24.
The recent break above the falling wedge signaled further price upside, which could allow SHIB stock to retest its March highs in the coming weeks.
Source:X
However, the SHIB stock price behavior turned bearish over the past 24 hours. This was the case as the SHIB stock value decreased by 0.3%.
Therefore, AMBCrypto planned to take a closer look at the state of memecoin to understand how likely SHIB is to regain bullish momentum.
What to expect from SHIB
Our analysis of Santiment data revealed that major players in the crypto space were actively trading Shiba Inu. This was evident from the high number of whale transactions.
Source: Santiment
Additionally, the supply of meme coins held by whales also registered a slight increase, indicating that whales were confident in SHIB as they expected a price increase.
Apart from this, AMBCrypto’s analysis of Glassnode data also pointed to a bullish metric. We found that SHIB’s NVT ratio registered a decline.
The lower the metric, the more likely the asset is to be undervalued, suggesting a rise in price. However, at the time of publication, the metric has gained upward momentum.
Source: Glassnode
Shiba Inu price has reached the upper limit of the Bollinger Bands indicator, which often leads to price corrections. Moreover, Shiba Inu’s Chaikin Money Flow (CMF) indicator has fallen sharply, indicating a price decline.
However, the MACD indicator remained in favor of buyers as it showed a bullish edge in the market.
Source: TradingView
Is Your Investment Portfolio Green? Check SHIB Profit Calculator
While the near-term future of SHIB looks somewhat uncertain, the ecosystem token Sheba Swap’s Greatness [BONE] It has already become bearish. The token price has dropped by more than 2% in the last 24 hours.
At the time of publication, the stock was trading at $0.4419, with a market cap of over $101 million.