The past week did not come with any note of positivity for the Shiba Inu (SHIB) ecosystem, rather the price of the altcoin saw a 15% drop in value.
Shiba Inu: Bear or Bull Run?
At the time of this writing, SHIB was trading at $0.00001687 after a further 7.08% decrease in the last 24 hours, per CoinMarketCap data.
Before now, some analysts opined that Shiba Inu may have to maintain its price above $0.000019 to avoid more selling pressure. However, the current market outlook reflects a continuation of its bear movement.
This same group of analysts strongly believes that only a rise to $0.000022 or $0.000023 would indicate renewed bullish momentum. If achieved, this could end up attracting more buyers to the SHIB ecosystem.
More Metrics Supports Shiba Inu’s Bull Run
In the meantime, on-chain Shiba Inu charts are obviously taking a stroll toward the bearish path but some metrics still demonstrate a potential positive sentiment.
An example is the Large Transactions metric which saw a surge of 5.49%. Apparently, more than 50% of Shiba Inu holders are still bagging profits at the current market price of the altcoin. This reflects investors’ positive attitude but at the same time, the other 46% that are out of money are still a source of concern for the ecosystem.
The Moving Average Convergence Divergence (MACD) indicator for SHIB shows some minor fluctuations around the zero line, and this indicates a lack of strong momentum. A recent slight positive divergence in this metric, moving above the signal line, also suggests a subtle shift toward bullish momentum. Even the Relative Strength Index (RSI) resting at 26 suggests that SHIB might enter into recovery this week.
The exciting news about a new Shibarium game in the works for the SHIB community may also contribute to an upshoot in the price of Shiba Inu.
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