People love the Shiba Inu! But there is a question that many are asking, and it's not an easy question to answer! That's why we're going to delve into the details. It's like we're observing the heart of an engine; if the engine is running normally, everything runs smoothly, but if it starts to fail, concern takes over the driver. In this case, the engine is cryptocurrencies and the driver is the investor.
Will the Shiba Inu dog be able to revive and give us a hot dog, or is it heading straight to the kennel? 🐕🔥
Despite a nearly 10% drop in the last week, the Shiba Inu (SHIB) is still standing, and even has a 7% gain in the last month! 📈 But don't rest on your laurels, because the cryptocurrency market is more volatile than a football match in stoppage time. ⚽️ Analysts are seeing some interesting signals that could indicate whether this little dog will keep barking or if it's going to run out of breath.
Here things get interesting: SHIB reserves on exchanges are near historic lows. This, although it sounds bad, is a good sign.
📉 Why? Because it means that people are not selling their tokens in panic. On the contrary, they are holding on. And when there are fewer tokens to sell, the selling pressure is lower! It's as if all the Shiba Inu owners are saying: "This little dog stays with me, no matter what!" ✊
Moreover, there is something called Chaikin Money Flow (CMF) that is showing a "bullish divergence."
🚀 Imagine that the price of SHIB is a slow swimmer, but the CMF is the audience cheering them on more and more from the stands. Even though the price dropped a little, the money flow (the CMF) shows that more investors are putting their money in. It's a hidden accumulation, which means that interest in Shiba Inu is growing, even if the price doesn't immediately reflect it. It's like a spring is being loaded for a big leap! 🤸♂️
The price of SHIB bounced off an ascending triangle, a structure that chart experts see as a bullish signal. 🔺 It's like the little dog found its safe spot to gain momentum. However, there is a resistance wall it needs to overcome: the barrier of 0.0001599. If it manages to pass that level and holds, we could see a significant trend change! 💪 But if it drops below 0.0001160, the party could be over.
In summary, the Shiba Inu is fighting tooth and nail to avoid falling. There are good signs, but it hasn't sung victory yet. It's a crucial moment where investors are watching every move. Will the Shiba community have the strength to push the little dog beyond resistance, or is it just a sigh before a long rest?$SHIB
