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Shiba Inu Buy Signal Spotted: Is a SHIB Price Reversal on the Horizon?
In recent times, Shiba Inu (SHIB) has been struggling to maintain its momentum amidst the bearish market sentiments. Despite this, it appears that a buy signal may have emerged, sparking hopes of a potential price reversal on the horizon.
The latest data suggests that whale accumulation has buoyed bullish spirits, as one whale moved 8.18 trillion SHIB out of Crypto.com exchange. This significant transfer of assets valued at approximately $195.1 million at the time is a clear indication that whales are not backing down from their investment in SHIB.
Furthermore, an analysis of the chart reveals that a deviation below the range lows followed by a swift recovery was a strong buy signal. The rapid rebound has pushed prices to within striking distance of the range highs at $0.0000246 over the next week. If this upward momentum is sustained, it’s possible that SHIB may be on the cusp of a significant price reversal.
However, traders must exercise caution and not get carried away by this optimism. The CMF (Chaikin Money Flow) indicator has revealed slightly negative capital flows, which may impede SHIB’s ability to clear the mid-range resistance at $0.0000228. In light of this information, it is essential for traders to set their stop-loss below the local lows or $0.0000202.
In conclusion, while a buy signal has been spotted, it is crucial to remain vigilant and monitor market trends closely.
Source: ambcrypto.com
