Shiba Inu shines green while the overall market suffers – Who’s buying SHIB?

Rain lists Shiba Inu, causing SHIB to rebound 60% from recent lows

Shiba Inu is behaving remarkably steadily once again, activating more buyers in the process. Does this mean a reversal of the trend and the start of an upward trend in SHIB listings?

Shiba Inu in the lead

Looking at the ranking of coins with the highest market capitalization on Friday, we can see that Shiba Inu is again leading the short-term increases. After consecutive declines in Bitcoin and dragging many altcoins down with it, SHIB is posting a daily gain of 3.74%. At the time of writing this article, the daily candle has not yet closed, but its behavior indicates the exceptionally strong strength of buyers, who, among the largest coins, seem to favor SHIB.

Burning catalyzes increases

While the CoinMarketCap portal sees the total market capitalization of the cryptocurrency market falling by nearly 4%, almost the same value, except that upward, is recorded with the SHIB ticker. The Shiba Inu token burning portal called “BURN Pool” is largely behind this. Through it, by sending SHIB to a Burn-Wallet and thus reducing the market supply of the dog coin, tokens named RYOHI can be obtained in return. This procedure has become quite popular, which could have a solid impact on the price in the long run.

Analysts are divided on whether the Shiba Inu is still in a downtrend, or whether the moment has already come to reverse and start rising. Influencing this indecision is undoubtedly the closing of last week’s candle, which, compared to the rest of the market’s coins, comes off quite impressively.

Shiba Inu from a technical angle

Not surprisingly, analysts closely follow the weekly chart. It is on it that clear trend reversal signals can often be seen. Meanwhile, we see that Shiba Inu ended the past week up 33.74%. By comparison, Bitcoin saw an upward turn of 2.32% in the same period.

The MACD, which is heading towards a bullish crossover, is also very positive. Also, the TD Sequential indicator, recording 9 red candles in a row so far, suggests a period of growth. Investors and speculators seeing such a setup seem to be betting on accumulation.  

A completely less obvious picture of SHIB is presented by the daily chart. Here one can clearly see a steadily widening bearish RSI divergence and a negative MACD picture, which is headed for a bearish intersection. Such a situation could in turn trigger another downward move.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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