Shiba Inu (SHIB) Paints Problematic Picture – Crypto News – Crypto News
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Shiba Inu (SHIB) Paints Problematic Picture Shiba Inu (SHIB) Paints Problematic Picture

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Shiba Inu (SHIB) Paints Problematic Picture – Crypto News

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Shiba Inu has shown us that it has the potential to break through after the 10% surge and a move above the 50 EMA threshold. However, despite the recovery, numerous data points show that it is not enough, especially as we see no continuation at the current point in time.

The recent price chart indicates that while SHIB managed to surge past the 50 EMA, it struggled to maintain momentum. The volume spikes accompanying the price surge were notable, suggesting increased trading activity. However, these spikes did not sustain, reflecting a lack of consistent buying pressure necessary for a sustained breakout.

SHIBUSDT
SHIB/USDT Chart by TradingView

On-chain signals present a mixed picture. Net network growth and the percentage of addresses in profit (“In the Money”) are both showing bullish trends, indicating some positive sentiment and network activity. However, the concentration metric is slightly bearish, suggesting that the asset might still be under the influence of a few large holders, which could lead to price manipulation or sudden sell-offs.

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Exchange signals offer a slightly more optimistic view. The smart price metric and bid-ask volume imbalance both lean bullish, indicating that on-exchange trading activity is currently favorable. The bid-ask volume imbalance, in particular, shows a significant 6.69% bullish tilt, which could imply a strong demand at current price levels.

Despite these positive indicators, the lack of follow-through in price action and the bearish concentration signal highlight the challenges SHIB faces. For a more decisive bullish breakout, SHIB would need to overcome the 200 EMA resistance and attract sustained buying interest. Broader market conditions will also play a crucial role in determining whether SHIB can capitalize on its recent momentum.

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