Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Increased volatility for SHIB could spur bullish rebound.
- MVRV ratio stood at 2.9%.
Shiba Inu’s [SHIB] recent lack of volatility has limited the meme coin’s ability to make any significant price movement. However, the past 24 hours have seen the inflow of meaningful volume for Shiba Inu. As of press time, this spurred bulls to register a 6.8% gain with SHIB trading at $0.00000905.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
With Bitcoin [BTC] posting 2.5% gains within the same time period, will this boost Shiba Inu’s price, or will it be a brief increase before the bearish momentum continues?
Shiba Inu bulls looking to rally
According to CoinMarketCap, the global crypto market recorded a 1.63% increase over the past 24 hours. A look at the four-hour timeframe showed that Shiba Inu bulls looked to take advantage. Price rose sharply from $0.00000841 to $0.00000918 before consolidating at $0.00000905.
Technical indicators reflected the short-term price gains. The Relative Strength Indicator (RSI) rose sharply above the neutral 50 mark and stood at 66, as of the time of writing. This hinted at an increase in buying momentum. The Awesome Oscillator (AO) also rose above the zero mark and posted a series of green bars, highlighting the growing bullish sentiment.
A full bullish rebound will be highly dependent on if buyers can break the bearish structure in the four-hour tim
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Author: Suzuki Shillsalot
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