Shiba Inu (SHIB) is presenting a scenario that leaves investors uncertain. While no significant price surge has been observed, technical indicators and on-chain data do not paint a wholly negative picture either. The daily chart maintains a pattern of descending peaks and troughs, yet it is noteworthy that the price has not aggressively declined. This has bolstered comments suggesting a market consolidation phase before a new movement.
Technical Analysis: Consolidation and Uncertainty
In SHIB’s daily chart, the 50 and 100-day exponential moving averages persist in their downward trend, providing substantial resistance. The 200-day average remains considerably elevated, indicating that the primary trend has not yet altered. Therefore, without surpassing the 50-day average, it is premature to discuss a lasting trend reversal.
Contrarily, the price’s recent movement within a narrower range serves as a critical signal. The slightly rising structure at the lower zone is evaluated as a mix of a falling channel and wedge formation. Such configurations typically result in short-term relief rallies or a sideways movement before a new decline. The RSI indicator’s struggle around the 40s further confirms this indecision. While sellers remain in the market, their influence appears weakened compared to previous periods.
On-Chain Data and Further Developments
Recent on-chain data highlights a noteworthy detail for SHIB. The exit of approximately 192 billion SHIB from exchanges in a single day suggests a higher probability of transfer to cold wallets or accumulation rather than sale. Historically, significant rises in SHIB have often followed several consecutive days of net exchange outflows, underscoring the importance of this data. Moreover, these outflows occurring while prices are relatively low suggests buyers are quietly accumulating rather than chasing prices.
Furthermore, another development within the SHIB ecosystem is closely monitored. The gradual increase in transaction volume on the Shibarium network and the resurfacing of the token burn mechanism keep medium-term expectations lively. Although these developments have not directly elevated the price in the short term, the rise in network usage is viewed positively for the long-term fundamental outlook.
On a macro level, the weak volume in the broader crypto market is causing many altcoins, including SHIB, to move sideways. Therefore, it’s crucial to note that any potential recovery will depend on market-wide risk appetite, not exclusively SHIB.
Analysts agree that SHIB’s situation is clear: There is no bullish signal yet, but the panic-selling atmosphere has dissipated. A volume increase and positioning above the 50-day average might prompt a short-term relief rally. Otherwise, a prolonged period of sideways, patience-testing market behavior might continue.
In the Dogecoin (DOGE) domain, community-driven developments have recently gained traction. Increased interactions on social media and rumors of payment integrations keep DOGE in focus, though its price has fluctuated within a limited range over the past 24 hours. Despite a minor ascent attempt, DOGE has not shown a strong breakout without a clear overall market direction.
