- Shiba Inu (SHIB) slips beneath key trendline support, potentially heralding a bullish trend.
- Despite its recent dip, the volume profiles don’t hint at aggressive selling, suggesting this could be a preparatory phase for an upward surge.
Could Shiba Inu’s Descent Herald a Rise?
The crypto space buzzed with whispers as Shiba Inu (SHIB) experienced a seemingly disconcerting price movement, dipping below a pivotal trendline support and settling near the 0.00000673 USDT on its daily SHIB/USDT chart. For the uninitiated, such a maneuver might be perceived as a gloomy forecast. But for seasoned blockchain enthusiasts, there’s more than meets the eye.
Peeling back the layers, it becomes evident that while SHIB currently sits beneath both its short-term and long-term moving averages – typically a sign hinting at bearish momentum – this positioning could be a mere prelude. Historically in the crypto realm, such configurations often precede a phase of consolidation. And this temporary settling might be the groundwork for a potential bullish pivot.
Yet, it’s not just the moving averages that hint at this possibility. Diving into the volume profiles of SHIB reveals another intriguing narrative. In the world of crypto trading, a sharp volume accompanying a price dip usually signifies a pronounced sell-off inclination among traders.
Contrarily, for SHIB, the volume during this drop has been considerably muted. Such diminished volume during a downward trend is often not a sign of panic selling but rather a “shakeout”. For those unfamiliar with the term, a “shakeout” in the trading sphere refers to a scenario where weaker market players get ousted before a noteworthy price ascension.
In the ever-volatile realm of cryptocurrencies, understanding the intricacies of price movements is essential. Shiba Inu’s recent trajectory, though seemingly counterintuitive, might very well be laying the foundation for a significant uptrend.
