Shiba

Rose

LunarCrush

Shiba Inu

Reversal

<p>The bulls are upbeat after one of the worst sessions of the early trading week. Now bulls are trying to spark a reversal. SHIB price has noted minor upticks after the downfall. </p> 
<p>As soon as the Bitcoin price triggered a rise, the meme coin leader started to recuperate. Besides the crypto altcoins,<strong> SHIB </strong>bounced back in the ongoing trading session, and a bullish projection was noted. However, it still follows the path of the falling channel and remains capped inside it.</p> 
<p>A long-legged rejection candlestick was spotted in yesterday’s session, and follow-on recovery was exhibited. This means sellers have covered their positions at the bottom, and buyers have handled the charge by beginning the accumulation.</p> 
<p>At press time, the <strong>SHIB</strong> price traded at $0.00001348 with an intraday surge of 18.20%. It reflected a pullback on the chart. It has a monthly return ratio of -22.20% and 33.20% yearly, reflecting short-term weakness.</p> 
<p>The pair of SHIB/BTC is at 0.000000000244 BTC and ranked at 16 with a market cap of $7.90 Billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-shib-price-recovers-from-bottom"><strong>SHIB Price Recovers From Bottom?</strong></h2> 
<p>In the intraday session, <strong>SHIB </strong>exhibited an impressive recovery and showed signs of accumulation. However, a lack of volume buying interest was still a primary concern for the recovery.&nbsp;</p> 
<p>Still, lower low swings were intact, and bulls failed to settle and close above the 20-day EMA mark. This defined the declining trend.</p> <iframe loading="lazy" title="Santiment Chart: Price (SHIB), Volume (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bprice_usd%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Bvolume_usd%3Bshiba-inu%3BSHIB%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI curve had a reading of 28 sails in the oversold trajectory and plotted a negative divergence.&nbsp;</p> 
<p>Likewise, the MFI and CMF indicator displayed the bearish cues and conveyed that the downtrend was imminent.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4f8.png" alt="📸" class="wp-smiley" style="height: 1em; max-height: 1em;">SNAPSHOT: <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a><br><br>6M Social + Market Activity<br>Social interactions +2,760%<br>Active creators posting +2,805%<br>Price +53.7%<br>Trading volume +452%<a href="https://t.co/tSY3x4AD1a">https://t.co/tSY3x4AD1a</a> <a href="https://twitter.com/Shibtoken?ref_src=twsrc%5Etfw">@Shibtoken</a> <a href="https://t.co/wQeWwm65iZ">pic.twitter.com/wQeWwm65iZ</a></p>— LunarCrush Social Intelligence (@LunarCrush) <a href="https://twitter.com/LunarCrush/status/1820599210884145304?ref_src=twsrc%5Etfw">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="h-active-addresses-and-transaction-volume-data-insights"><strong>Active Addresses and Transaction Volume Data Insights</strong></h2> 
<p>Active addresses data noted flat movements and displayed a minor spike, noted around 4288. It conveyed a slight increase in the confidence and optimism for SHIB.</p> <iframe loading="lazy" title="Santiment Chart: Active Addresses 24h (SHIB), Transaction Volume USD (SHIB), Velocity (SHIB)" width="800" height="425" src="https://embed.santiment.net/chart?ps=flare&amp;pt=FLR&amp;df=2024-02-06T18%3A29%3A59.030Z&amp;dt=2024-08-06T18%3A29%3A59.030Z&amp;emcg=1&amp;wm=%5B1%3Bactive_addresses_24h%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Btransaction_volume_usd%3Bshiba-inu%3BSHIB%5D%3B%5B1%3Bvelocity%3Bshiba-inu%3BSHIB%5D&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%3B" scrolling="no"></iframe> 
<p>The transaction volume saw a notable rise of over 2% intraday. This means substantial activity amidst the broader market decline.</p> 
<p>Despite this transaction volume surge, SHIB’s price struggled to acquire traction. It failed to close above the primary resistance mark of $0.00001400.</p> 
<p>A sharp spike in the velocity curve was spotted, which signifies the increased trading frequency of investors and traders. This conveyed the trader’s anticipation of chasing the pullback ahead.</p> 
<h2 class="wp-block-heading" id="h-majority-are-in-red"><strong>Majority Are in Red</strong></h2> 
<p>In addition to the price correction, the GIOM indicator data conveys that 45% of SHIB addresses were sitting in profit. Conversely, over 54% of holders faced unrealized losses and wanted to cover their positions.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="390" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1024x390.png" alt="SHIB GIOM Indicator Data | Source: IntoTheBlock" class="wp-image-651231" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1024x390.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-300x114.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-768x293.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-150x57.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-696x265.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64-1068x407.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-64.png 1215w" sizes="(max-width: 1024px) 100vw, 1024px">
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  <strong>GIOM Indicator Data &nbsp; Source: IntoTheBlock</strong>
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</figure> 
<p>This significant address shift might not lead to a square of the holders’ positions, and bearish legs may not be seen ahead.</p> 
<p>The futures Open Interest (OI) increased over by 4.95% to $25.77 Million, highlighting minor long additions in the overnight session.</p> 
<p>Shiba Inu has an immediate support zone placed around $0.00001280 and $0.00001220, whereas the upside resistance zone was exist around&nbsp;</p> 
<p>However, it seems <strong>Shiba Inu </strong>is already dealing with headwinds, as shown by the bearish price action, and has also been influenced by the recent global financial crisis, affecting its supply.</p> 
<p>Thus, its further prospects largely depend on investor activity which will stay quite reserved in the near future.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/06/shib-price-rose-over-20-intraday-signs-of-reversal-or-bear-trap/">SHIB Price Rose Over 20% Intraday: Signs Of Reversal Or Bear Trap</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

SHIB Price Rose Over 20% Intraday: Signs Of Reversal Or Bear Trap

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