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- Since mid-April, SHIB’s price has been on a downward trajectory, following a rejection at the $0.0000117 resistance level.
- Bearish sentiment has dominated, leading to losses of approximately 15.5% in May, with further declines expected.
SHIB, the well-known cryptocurrency, has outperformed PEPE in trending searches on LunarCrush, sparking optimism for a possible rally.
Source: LunarCrush
Despite SHIB’s favorable on-chain metrics, certain market indicators still suggest a bearish trend. Although SHIB has surpassed the meme-based PEPE, indicating its increasing popularity within the crypto space, it remains unclear if this signifies an early sign of a price increase.
Importantly, SHIB continues to be the most traded token among the top 100 ETH whales, underscoring its attractiveness to significant investors.
However, the burn rate of SHIB tokens has seen a remarkable surge, with an astonishing increase of over 20,000% in just the past day. This token burning, along with other transactions, has led to the removal of 3,034,309,519 SHIB tokens in the last 24 hours.
In the past week, SHIB’s price recorded a slight decrease of 0.38%, as reported by CoinMarketCap. Currently, SHIB is trading at $0.000008798, with a market capitalization of $5.1 billion.
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Is a potential bull run on the horizon for SHIB?
Bullish sentiments have found it challenging to gain momentum in SHIB’s price action. The bulls attempted to establish a presence around the $0.0000099 level, which aligns with a bullish order block from March.
Some indicators also point to a possible trend reversal for SHIB. Net deposits of SHIB on exchanges have been lower compared to the previous week, suggesting diminished selling pressure. Nonetheless, the number of active addresses has remained elevated, reflecting increased utilization of the meme coin.
Shiba Inu Price Chart (Source: Tradingview)
Moreover, SHIB’s Relative Strength Index (RSI) is currently in an oversold state, which could potentially result in heightened buying pressure and elevate its price. These factors may indicate the possibility of a trend reversal in the near future.
While SHIB’s rise above PEPE in trending searches is a favorable development, investors should exercise caution and take into account additional market indicators before celebrating any potential rally.
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