SHIB rallied by as much as 55% from its lower range to its new monthly high of $0.00001519. This bullish correction was notably much sharper than its July bounce. Many traders might interpret this as a sign that it might be the start of another continuous bullish uptrend.
by as much as 55% from its lower range to its new monthly high of $0.00001519. This bullish correction was notably much sharper than its July bounce. Many traders might interpret this as a sign that it might be the start of another continuous bullish uptrend. Unfortunately, the highly unpredictable nature of the market can make it difficult to determine whether a trend will continue or not.still depended heavily on the bulls. However, the dog-themed token might not be done with the lower range.
SHIB’s performance in the last 24 hours also confirmed the sell pressure, and the price was no longer in overbought territory. The Money Flow Index also indicated some outflows. This also meant some more downside might be on the way. If this was the case, then short-sellers stood to secure some more profits and the price could revert to the lower range near the $0.000011 level.
A look at SHIB’s supply distribution revealed that some of the top addresses had been selling. Addresses holding between 1 million and 10 million Shiba Inu coin aggressively reduced their balances in the last two days.The largest whale category maintained a steady balance. Both the weighted sentiment and the FTX funding rates also dropped after the strong rally last week.
is that the price will likely drop some more on the heels of the recent sell pressure. However, some more SHIB upside is still a possibility.Subscribe to get it daily in your inbox.