Shiba Inu Bulls Activate

On the daily chart, the Chaikin Money Flow (CMF) indicator for SHIB shows an upward trend despite the price decline. At the time of writing, the momentum indicator stands at 0.02, rising above the neutral zero line.

This trend is forming a bullish divergence, indicating increasing buying pressure in the SHIB spot markets, even as overall market sentiment remains cautious.

On-chain data confirms this optimistic outlook. According to Santiment, the Network Realized Profit/Loss (NPL) for SHIB remains negative, indicating that most holders are at a loss.

Negative NPL typically reduces selling pressure, as investors are not in a hurry to sell assets at a loss. This can lead to longer holding periods and a reduction in SHIB supply, creating conditions for short-term price growth of the meme coin.

Futures traders on SHIB are also optimistic. This is evident from the positive funding rate of the coin, which stands at 0.0082% at the time of publication. This indicates a predominance of optimism among SHIB futures traders, as demand for long positions is higher.

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