- Technical indications hint that bullish dominance may be coming to an end.
- SHIB has support and resistance levels of $0.00001111 and $0.00001192, respectively.
- The ETH whales free SHIB from the bears’ clutches.
The Shiba Inu (SHIB) market has regained bullish dominance, with prices rising by 2.39% to $0.00001155 as of press time. This increase has been attributed to a recent WhaleStats alert, which revealed that SHIB was the most traded token among top ETH whales in the previous 24 hours.
The increased market capitalization of the SHIB market by 1.90% to $6,354,398,533 supports the positive mood that has been spreading in recent days. However, with the 24-hour trading volume falling by 10.31% to $273,046,184, it shows that the market is still cautious about investing large sums of cash in the SHIB market. This might be attributed to a lack of faith in the SHIB market as a result of its volatility and abrupt price swings.
The linear movement of the Bollinger Bands, with the upper band at 0.00001237 and the lower band at 0.00001103, indicates that the market is steady, hence the positive trend is likely to continue. The development of a green candlestick in the price chart is consistent with this rising trend in the SHIB market.
As bullish strength wanes, the blue MACD line has crossed into negative territory at -0.00000007, suggesting a possible impending bearish grip. Additional evidence in favor of this theory is provided by the negative trend in the histogram.
However, with the stochastic RSI currently at 63.03, the market appears to be holding steady, giving investors time to exert additional positive control. If the bulls lose control, the stochastic RSI may cross below the signal line, denoting a bearish crossover.
As the Bull Bear Power (BBP) passes below the “0” line into the negative zone with a value of -0.00000001, a reversal is expected since this indicates bears hold the upper band in the SHIB market.
To add to this unfavorable impression, the Klinger Oscilator has a reading of -7.5312. These movements indicate that, although bulls are in power, bears are striving to reverse the trend.
In conclusion, for the bulls to maintain their current trend in the SHIB market, they must continue to fight and outnumber the bears.
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