Is Shiba Inu (SHIB) Ready for Another Double-Digit Hike?

• SHIB’s price action showed signs of a buy signal that could end up in a rally.
• Although there was strong support at $0.0000073, SHIB could drop to $0.0000065.
• Volatility increased, indicating large price fluctuations for SHIB in the short term.

Unlike, many other cryptocurrencies in the market, Shiba Inu’s (SHIB) performance in the last 30 days, has been underwhelming. Compared to meme coins like Floki (FLOKI) and Dogecoin (DOGE), SHIB has had the most unimpressive show.

At the time of writing, SHIB’s value was $0.0000073— a similar value it was 30 days back. However, according to analyst Ali Martinez, SHIB’s price action may be ready to change for the better.

Martinez, in his post on X (formerly Twitter), noted that SHIB flashed buy signals that were similar to the periods the cryptocurrency’s value increased by 118% and 71% respectively.

Martinzed based his analysis on the Tom DeMark (TD) sequential. For context, the TD sequential is a technical tool designed to identify exhaustion trends and potential trend reversals.

SHIB Needs Buying Pressure to Pick Up

Using the weekly chart, the SHIB/USD pair showed that the token has experienced some selling pressure lately. However, there seems to be a buy setup candle at $0.0000073. If sustained, this level could serve as a powerful support for SHIB.

Therefore, it could be a good move to keep an eye on the region. But looking at the Exponential Moving Average (EMA), it may take a while for the SHIB to replicate the aforementioned rally.

As of this writing, the 50 EMA (yellow) was above the 20 EMA (blue). Although this was no death cross where the 50 EMA would have crossed over the 20 EMA, the status still reflects SHIB’s potential to be bearish.

Should the EMAs remain in the same form, then SHIB may drop to $0.0000065 before a rally could come into play. The indications from the EMAs were also confirmed by the Awesome Oscillator (AO) on the 4-hour chart.

At press time, AO was 0.00000023. Typically, positive values of the AO indicate upward momentum while negative values indicate downward momentum. However, the AO reading displayed how SHIB was showing solid signs of a downtrend that may occur before any revival.

If the AO continues to decrease, SHIB may inevitably shrink to $0.0000065. On looking at the Bollinger Bands (BB), the chart showed that volatility was increasing. Thus, there is a likelihood of significant price fluctuations whether to the upside or downside.

Should buying pressure increase, SHIB may rise to $0.0000080. Conversely, more sell pressure could drag the Shiba Inu token down to $0.0000065.