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SHIB could be headed for a bearish retracement and evidence suggests…

12.08.2023
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In the fast-paced world of cryptocurrency, Shiba Inu (SHIB) has recently captured the attention of investors with its remarkable bullish performance. However, as its social prominence rises, so does the likelihood of a market retracement. This article delves into the evolving fate of this digital asset as it heads into the weekend. In the last 24 hours, SHIB has surged to a new three-month high, peaking at $0.0000106 just before the time of writing. This achievement outshines its prior high set on August 5th. While SHIB’s Relative Strength Index (RSI) previously reached overbought levels on the same day, the current RSI stands notably lower, possibly indicating a shift in momentum.

RSI Divergence and Emerging Bearish Signals:

The evolving relationship between SHIB’s price and its RSI suggests a noteworthy price-RSI divergence, which could imply that the strong bullish momentum is beginning to wane. This observation coincides with the RSI once again approaching overbought territory, while the price has successfully crossed above its 200-day moving average. On the social media front, a prominent analyst known as @ali_charts has identified a TD sequential pattern forming on SHIB’s price chart. This pattern is typically indicative of trend exhaustion and potential reversals. The convergence of the TD sequential pattern and the price-RSI divergence underscores the possibility of SHIB entering a bearish pivot

Analyzing On-Chain Data:

To substantiate these observations, an exploration of Shiba Inu’s on-chain metrics is essential. A significant aspect to consider is whale activity, which can shed light on potential market movements. A bearish retracement often manifests through increased sell pressure from large holders. SHIB’s supply distribution analysis indicates heightened selling pressure from addresses possessing between 1 million and 100 million coins, depicted in red and orange. Notably, outflows from these addresses have been recorded over the past four days. Although this suggests that certain whales are capitalizing on profits, it’s important to note that these addresses account for less than 4% of SHIB’s overall circulating supply.

Dominance of Major Holders and Rising Activity:

It’s noteworthy that addresses holding over 1 billion SHIB coins collectively possess a staggering 96.53% of the token’s total supply. Interestingly, these addresses have maintained a stable position, showing no signs of outflows as of yet. On a different note, SHIB’s transaction count has experienced a consistent upswing over the past four days. Additionally, there has been a modest increase in trading volume within the same timeframe. Such heightened activity could potentially be a manifestation of selling pressure, particularly as multiple indicators suggest a weakening bullish stance. This combination of factors suggests a scenario in which SHIB could be poised for its next bearish retracement.

As Shiba Inu’s market dynamics shift, its recent bullish rally faces growing challenges. With a notable price-RSI divergence, the emergence of a TD sequential pattern, and increased selling pressure from a subset of whale addresses, the potential for a bearish pivot gains prominence. While SHIB’s dominant addresses remain stable, heightened transaction counts and trading volume imply a potential shift towards bearish sentiment. As the weekend unfolds, investors and enthusiasts are advised to closely monitor these indicators to gauge the trajectory of SHIB’s market performance.

The post SHIB could be headed for a bearish retracement and evidence suggests… appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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