Shiba Inu (SHIB) price is showing signs of a rise ahead despite the crypto market led by Bitcoin noting declines.
The changing conditions also highlight the potential that the meme coin holds in terms of accumulation.
Shiba Inu Could Be Good for Accumulation
Shiba Inu’s price is hovering around a key support level, and bouncing off it could bring about considerable profits. This is because SHIB’s market conditions are optimal for noting gains. The Moving Average Convergence Divergence (MACD) indicator is currently showing a bullish twin peak pattern.
A bullish twin peak in the MACD occurs when two peaks form above the zero line, with the second peak being higher than the first. This pattern is often seen as a strong indication that the market is gaining strength. This formation typically signals that positive momentum is on the rise, suggesting that the asset could see upward price movement in the near future.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
In addition to the MACD, the Sharpe Ratio has also turned positive. The Sharpe Ratio is a measure of risk-adjusted returns, and a positive value suggests that the asset is generating returns that outweigh its risk.
Currently, the Sharpe Ratio indicates a 10% risk-adjusted return over the day, which is a favorable sign for investors. However, it’s important to note that the Sharpe Ratio has not yet stabilized, meaning that these returns could still fluctuate.
Overall, the combination of a bullish MACD twin peak and a positive Sharpe Ratio suggests that
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Author: Aaryamann Shrivastava
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