in short
Shiba Inu (SHIB) showed signs of a bullish reversal after hitting a 16-month low, driven by improving market sentiment.
SHIB’s MACD indicator has seen a bullish crossover, suggesting that continued gains are likely in the near term.
The positive Chaikin Money Flow (CMF) indicates strong buying pressure, signaling a possible 17% rally to $0.00001362.
Leading meme coin ‘Shiba Inu’ is showing signs of a potential bullish reversal after its recent brutal sell-off.
As risk sentiment gradually returns to the cryptocurrency market, the price of Shiba Inu is expected to continue its upward trend in the short term.
SHIB’s Bullish Crossover Signals Momentum Shift
On June 22, SHIB fell to a 16-month low, dragged down by the general downturn in the cryptocurrency market. However, the market sentiment quickly turned after the news of a ceasefire agreement between Israel and Iran triggered a relief rally across the cryptocurrency market.
At press time, SHIB is trading at $0.00001162, up 16% from Sunday’s multi-year low. Technical indicators suggest that SHIB could extend its gains as July approaches.
Most notably, the coin’s Moving Average Convergence Divergence (MACD) just flashed its first bullish crossover in 39 days, signaling that its momentum is building. The indicator’s reading shows that its MACD line (blue) is above its signal line (orange) for the first time in over a month.
The MACD indicator is used to identify trend and momentum in price action. It can help traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
When the MACD line is above the signal line, it indicates strong bullish momentum, suggesting that buying activity is climbing. Traders often view this as a buy signal, which could drive more market demand for the memecoin.
Additionally, SHIB’s Chaikin Money Flow (CMF) indicator has continued to climb in recent sessions, suggesting increasing capital inflows and strong demand for the altcoin. As of this writing, this key momentum indicator is at 0.15 and still climbing.
The CMF indicator measures the flow of funds into and out of an asset. A positive value indicates that buying pressure is greater than selling pressure. This reflects that SHIB has strong capital inflows, indicating that its investors are adding more positions.
Shiba Inu shares expected to rise 17%
The combination of improved market sentiment and positive signals could lay the foundation for a sustained rebound. If demand continues to surge, SHIB could surge to $0.00001362, a 17% increase from the current price.
However, if profit-taking resumes and sentiment turns bearish again, the Shiba Inu price could drop to multi-year lows of $0.00001004.
