Shiba Inu Surges 9.09% as Investor Sentiment Shifts Bullish
1min read Shiba Inu, a popular memecoin, experienced a significant price fluctuation over the past day. After hitting a seven-month low, the cryptocurrency saw a remarkable 9.09% increase, rising from $0.000010 to $0.00001213 within a 4-hour timeframe. At the time of reporting, SHIB was trading at $0.00001212, marking a 9% increase in the past 24 hours. This recovery comes after a 23.79% decline over the past month, indicating a notable shift in market sentiment.
The price rebound of Shiba Inu signals a change in investor sentiment. Over the past day, SHIB’s Weighted Sentiment turned positive after being negative for three days. This shift reflects growing optimism among investors, who seized the opportunity to buy the dip when prices hit multi-month lows. The influx of buyers into the market is further evidenced by the positive turn in both Delta and Order Imbalances, suggesting that more buy orders are being executed than sell orders. This indicates significant buying pressure on the memecoin.
Additionally, Shiba Inu’s flow into exchanges points to strong bullish sentiments. The netflow turned negative, with exchange outflows exceeding inflows by 60.84k. A negative spot netflow indicates strong investor accumulation, suggesting expectations of a near-term price rebound. This accumulation of SHIB by investors further supports the idea that the memecoin is experiencing a surge in buying activity.
The recent bullish crossover on Shiba Inu’s Relative Strength Index (RSI) confirms strong buying momentum, suggesting the potential for continued upward movement. This positions the memecoin for further gains on its price chart. If market sentiment remains positive and buying activity persists, SHIB could break out of the descending triangle and reclaim the $0.000013 level. However, if bullish momentum fades, a pullback may occur, pushing the memecoin down to $0.0000115. The successful test of the $0.000010 support level and the strong bounce from this level to hit $0.000012 further confirms that buyers have entered the market and defended the price level.
