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  • SHIB’s RSI and Stochastic were oversold, pointing to a trend reversal
  • However, SHIB’s EMA ribbon opposed SHIB’s price hike

One of the most popular memecoins, shiba inus [SHIB], kept its investors unhappy as its chart bled red. According to CoinMarketCap, SHIB saw over 5% negative daily gains. At the time of writing, the memecoin was trade at $0.000008641 with a market cap of over $4.7 billion.

Lily Shiba Inus [SHIB] Price prediction 2023-2024

However, things may not be the same for SHIB and its holders as the following updates may be good for SHIB.

Everything okay in the hood?

A look at the on-chain metrics of SHIB gave rise to a bullish notion, as most of them suggested a trend reversal in the near future. According to CryptoQuant statistics, SHIBThe Relative Strength Index (RSI) and the Stochastic were both in an oversold position.

This could be considered a bullish signal, as it suggested a surge in prices in the coming days. The SHIB’s foreign exchange reserve also declined, due to less selling pressure.

Source: CryptoQuant

In addition, a rumor around the SHIB circulates. According to Twitter handle Shiba Inu News, SHIB is expected to partner with Amazon in the near future. This announcement could have the potential to change SHIB’s fate for good.

Although nothing has been confirmed yet, the partnership could become official as soon as 2023.

This announcement could have stimulated the whales’ interest in SHIB, as the token was on the list of cryptos that the top 500 Ethereum whales held for the past 24 hours. This update was a signal of confidence from whales in SHIB.

The memecoin burn rate was also on fire, as 106,780,540 SHIB tokens were burned in the last seven days. It was a positive signal as it reflected the deflationary characteristics of SHIB.

SHIB’s Market Value to Realized Value (MVRV) has been significantly lower in the past seven days. This could act as an indicator of a market bottom. Moreover, the volume of memecoin has been increasing lately, giving hope to investors. However, Shiba Inu’s network growth was on the decline, which was a red flag.

Source: Santiment

But is it enough?

Even if the measures were favorable to SHIB, its exponential moving average (EMA) ribbon revealed that the bears still had an edge in the market. The 20-day EMA was significantly higher than the 55-day EMA.

However, the Money Flow Index (MFI) and the Chaikin Money Flow (CMF) remained well below the neutral mark. This could prevent the price of SHIB from rising in the short term.

Source: Trading View

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