- Bullish sentiment around SHIB spiked in the last few days.
- Most market indicators and metrics looked bullish on the token.
The crypto market recently turned bullish, allowing several meme coins to register gains, but Shiba Inu [SHIB] was left behind. However, better late than never, SHIB’s price action picked up pace as its value surged substantially in the last 24 hours.
A look at Shiba Inu’s bull rally
Several meme coins, especially the trending PEPE, displayed commendable performance in the past when the market turned bullish. But SHIB was late to join the race, but since it started its rally, it did not fail to surprise investors.
According to CoinMarketCap, SHIB was up by over 100% in the last seven days. In fact, in the last 24 hours alone, its value surged by more than 70%.
At the time of writing, SHIB was trading at $0.00002182 with a market capitalization of over $12.8 billion, making it the 13th largest crypto.
Thanks to the price uptick, SHIB’s social volume skyrocketed. Bullish sentiment around the meme coin also went up, as evident from the rise in its weighted sentiment.
Source: Santiment
Will the uptrend last?
Since the last 24 hours looked bullish for SHIB, AMBCrypto planned to take a closer look at the meme coin’s state to better understand whether the uptrend would last.
Our analysis of Glassnode’s data revealed that Shiba Inu’s Network Value to Transactions (NVT) ratio dropped while its price surged. A drop in the metric means that an asset is undervalued, hinting at a further price uptrend.
Source: Glassnode
Upon checking further, we found that SHIB’s MVRV ratio was up. Another bullish metric was its network growth, which too went upside, meaning that more new addresses were created to transfer the token.
Buying pressure on the meme coin surged during its price uptick. This seems to be the case, as its exchange outflow spiked. Additionally, the supply held by top addresses climbed, suggesting that whales were accumulating SHIB at its higher price.
Source: Santiment
Our look at Shiba Inu’s daily chart revealed that the token successfully broke past the $0.0000106 resistance level, allowing it to register massive gains.
Its MACD revealed that the buyers were leading the market. SHIB’s Chaikin Money Flow (CMF) also registered an uptick, indicating that the chances of a continued northward price movement were high.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Nonetheless, nothing can be said with utmost certainty as the Relative Strength Index (RSIO) was in the overbought zone. This might exert selling pressure, in turn, affecting the meme coin’s bull rally.
Source: TradingView