Are Shiba Inu bulls back? SHIB rises for the first time in a month

• SHIB has seen its first price increase in a month, potentially sparked by another Elon Musk speculation.
• Despite the rally, SHIB’s overall trend remained bearish.

Shiba Inu [SHIB] It recently experienced its first price surge in a month, sparking speculation about a possible return of bullish momentum.

After weeks of decline and stagnation, the memecoin saw a sudden rebound after Elon Musk resumed talks about X Payments.

SHIB Bulls Still Exist

Analyzing the SHIB/USDt chart below, we see that the price action is predominantly bearish, as indicated by the steady decline below the 50 and 200 period moving averages.

The Moving Average Convergence Divergence (MACD) indicator shows small fluctuations around the zero line, indicating a lack of strong momentum in either direction until recently.

Analysts interpret the slight positive divergence in the MACD, which is moving above the signal line, as a subtle shift towards bullish momentum.

The price of SHIB stabilized about forty-eight hours ago.

As can be seen below, the meme coin has also predominantly trended within the boundaries of the Bollinger Bands, with a few exceptions where the price has touched or surpassed the upper or lower bands.

However, the Relative Strength Index (RSI) was below the midpoint of 50 at press time, indicating that while the momentum of the downtrend has weakened, the overall sentiment remains bearish.

SHIB is not bullish

For the past two days, SHIB has been caught in a tug-of-war between bullish and bearish sentiments within the market.

The Ichimoku Cloud remained above the price for most of the period shown, showing a dominant bearish sentiment.

However, as SHIB approached the cloud towards the latest data points, it indicated a possible change in momentum. Penetrating the cloud could trigger a short-term bullish reversal, but it probably won’t be sustained.

52% of SHIB holders were making money at the price prevailing at the time of this publication, which was an encouraging sign for the overall market sentiment. However, 46% of holders were left without money.

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SHIB trading volumes have skyrocketed, as has user participation. However, the “In the Money” indicator was bearish, indicating that many addresses were holding SHIB at a loss compared to the current price.

All SHIB on-chain signals were currently bearish, but the exchange signals were bearish.

This is an automatic translation of our English version.