Is Shiba Inu set for another bull run or is it just a mirage? SHIB’s price gains 75% in two weeks, but bearish signals are appearing.
SHIB’s price rallied to mid-January highsbuying interests across the cryptocurrency market
Nonetheless, the wild price recovery also came closer to triggering two classic sell signals. First, SHIB’s daily relative strength index , a technical indicator that fluctuates in the range between 0 and 100 to signal whether an asset is overbought or oversold , which measures the standard deviation of low and high prices, dropped below 50, a sell signal. In a “perfect” scenario, traders close their long positions after the RVI drops below 40. At the time of writing, it came out to be near 48.
Second, SHIB’s ongoing uptrend accompanied lower volumes — i.e., they came out to be nowhere closer to the volumes witnessed during the token’s October 2021 price rally. That showedAs a result, a lower liquid market tends to witness wilder price swings in either direction.of $0.00003358 that coincided with the 0.618 Fib line of the Fibonacci retracement graph drawn from the $0.00000507 swing low to the $0.00007971 swing high. In conjugation with alarmin RSI and RVI readings, the $0.
The statements appeared as bearish positions lost millions of dollars during the recent SHIB price recovery. For instance, data from Coinglassover $10 billion worth of liquidations for traders of Shiba Inu-backed investment products, around 75% of which were short entries.
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