After a week of multiple positive gains, the cryptocurrency market hit a price flux forcing investors to watch the trail. The altcoin ecosystem was inspired by Bitcoin’s run-up above the $50k mark with capital coming into the market. The meme-inspired Shiba Inu [SHIB] pushed new boundaries for itself as it climbed on both the daily and weekly timeframes.
At the time of writing, SHIB was trading for $0.000029 with a total market cap of $11.75 billion. The increased capital pump elevated the cryptocurrency into the top 20 cryptocurrency clubs. As more users bought into the world of Shiba Inu, the daily trading volume also shot up to $4.6 billion. As active players shilled the cryptocurrency, it became a major talking point on social media.
Shiba Inu 1 hour:
After a successful week that propelled Shiba on the charts, the indicators all leaned towards the bull. Shiba’s immediate support rose to $0.000026 while new users constantly pushed for higher prices.
Relative Strength Index: Shiba’s RSI stayed near the overbought zone, a sign of the active ecosystem. The indicator showed that the number of users HODLing SHIB was more than the ones selling it.
Chaikin Money Flow: Staying bullish as well, the CMF rose strongly against the zero line. Since the bullish sentiment is strong, the graph is expected to rise some more towards the upper boundaries.
Parabolic SAR: All the markers for the past 48 hours stayed below the price candles, showing strong bullish momentum. Shiba Inu holders would want the consecutive green candle formation to go on for extended timeframes.
Shiba Inu 1 day:
Shiba’s long-term performance was just growing, helped along by strong October tides. Long-term support increased to $0.0000069 after the cryptocurrency’s most active month since inception.
Chaikin Money Flow: In the long run, Shiba moved parallel to the zero line. A deeper dive further pointed to the increasing interest from the larger cryptocurrency ecosystem.
Parabolic SAR: The markers from the last month have all stayed below the price candles as the momentum became bullish.
Relative Strength Index: The RSI in the long term showed similar characteristics to that of the CMF. This further meant that the buying pressure was a strong contributor to higher prices.