- ShibaInu has dropped 10% to $0.000012, but bullish divergence in technical indicators like the CMF suggests a potential price rebound.
- Shiba Inu also shows reduced selling pressure and rising futures interest, hinting at a possible rally toward $0.000014 if it breaks key resistance.
ShibaInu Slips to $0.000012, But Signs of Recovery Emerge
ShibaInu (SHIB), the popular meme coin, has seen a sharp decline of nearly 10% over the past week, now trading at $0.000012. However, technical and on-chain indicators are flashing early signs of a potential rebound. Despite the price dip, the Chaikin Money Flow (CMF) indicator is on the rise, signaling increasing buying pressure beneath the surface.
Currently at 0.02, the CMF has crossed above the neutral line, forming a bullish divergence—a condition where price and momentum indicators move in opposite directions. This divergence typically points to a hidden strength in the market, hinting at a possible bullish reversal for SHIB.
On-Chain Metrics Reveal Reduced Selling Pressure
Supporting this outlook, on-chain data from Santiment shows that SHIB’s Network Realized Profit/Loss (NPL) remains in negative territory. This suggests that many holders are sitting on unrealized losses, and are less inclined to sell at current levels. The lower selling pressure helps tighten the coin’s supply, potentially setting the stage for a price lift.
Further bolstering the bullish case is SHIB’s futures market activity. The meme token currently holds a positive funding rate of 0.0082%, according to Coinglass. This indicates that traders are more inclined to take long positions, paying shorts in the process—a strong sign of growing market confidence.
$0.000014 in Sight, But Resistance Ahead
If this upward momentum continues, ShibaInu could target a short-term rally to $0.000014. However, the next major hurdle is the 20-day Exponential Moving Average (EMA) sitting at $0.000013. A breakout above this level could confirm a trend reversal and ignite further gains.
Conversely, if the bullish momentum fades, SHIB risks dropping further toward the $0.000010 mark.
For now, all eyes are on SHIB’s ability to maintain buyer interest and break key resistance levels—any surge in volume could be the trigger that launches the meme coin’s next leg up.
