Shiba Inu (SHIB) Shows Hopeful Indications for February Despite January Drop
SHIB: Hope for a better February after 14.50% loss in January
The cryptocurrency Shiba Inu (SHIB) recorded a loss of 14.50% in January. Despite this decline, there is hope for better performance in February.
No weekly loss for SHIB
Interestingly, SHIB was the only meme coin project that did not record any weekly losses at the time of reporting. While other coins were in the red due to outflows from the Grayscale Bitcoin Trust, SHIB held up comparatively better.
Recovery in sight?
Technical analyst Ali Martinez recently made a bullish forecast for SHIB. He discovered a buy signal on the TD Sequential Indicator, which made him optimistic about an imminent upswing of SHIB. He predicted that SHIB could rise to $0.010 or even $0.011.
This forecast was supported by data from Trading View. The Relative Strength Index (RSI) showed a slow upward movement towards the neutral 50 mark, indicating a diminishing selling pressure. In addition, the Moving Average Convergence Divergence (MACD) line crossed the signal line, which is interpreted as a buy signal by most analysts and traders.
Whales smell profits
Despite the price drop, large transactions (whales) of more than $100K increased in the last four days. This suggests that whales are stocking up in anticipation of future profits.
The number of long positions for SHIB significantly exceeded the short positions at the time of reporting, suggesting that traders are hoping for a better February.
Sources: AMBCrypto, Trading View, Santiment, Coinglass
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