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Shiba Inu Price Prediction – Will This Prevent A Bullish Breakout?
In recent times, the cryptocurrency market has been going through a tumultuous period, with many assets experiencing significant fluctuations. One of these assets is Shiba Inu (SHIB), which has caught the attention of many investors and traders alike.
As of press time, SHIB is trading at $0.0000268 after recording a 1.9% decline in the last 24 hours. Despite this drop, it’s essential to take note that the meme coin has still managed to register a gain of around 10% over the past month.
Analysts have observed that SHIB formed a right-angled ascending broadening wedge pattern on its one-day chart. This is usually an indication of a bullish continuation if the price manages to break above the upper trendline. However, the volume histogram bars have significantly shortened, suggesting reduced trading activity and inadequate buying volumes to support an uptrend.
Furthermore, the Money Flow Index (MFI) has slumped to 43, implying weak momentum. This indicator has also sloped downwards, indicating that more sellers are entering the market. On the other hand, the Chaikin Money Flow (CMF) showed a positive value of 0.15, suggesting that buying pressure remains greater than selling pressure.
Given these insights, it is possible that SHIB could consolidate within this channel instead of breaking out to the upside. This development has significant implications for investors who are holding onto their SHIB tokens in the hope of a breakout.
Data from CryptoQuant indicates a substantial surge in Shiba Inu exchange inflows. On December 16th, these inflows reached their highest level in nearly five months. Moreover, it has been reported that over 1.78 trillion SHIB tokens have been moved to exchanges in the past two days.
In the event that traders continue to move their assets to exchanges and there is insufficient demand to absorb this sell-side pressure, this could lead to more dips for the meme coin.
Source: ambcrypto.com
