Despite the fact that it was announced on May 15 that it will be listed on Bahrain’s Central Financial institution Regulated Change, CoinMENA, the Shiba Inu (SHIB) market has been controlled by bears in the last 24 hours.
Because of the negative momentum, the SHIB price fell from an intra-day high of $0.000008907 to a low of $0.000008707 (assistance). As of press time, the bear’s hand was strong in the SHIB market, causing a 0.94% decline from the previous close to $0.000008797. During the slump, SHIB’s market capitalization and 24-hour trading volume fell by 1.01% and 7.79%, respectively, to $5,185,635,602 and $90,016,197.
On the SHIB/USD 4-hour chart, the 20-day shifting average (white) is below the 100-day shifting average (blue), with the former at $0.00000880 and the latter at $0.00000937. This movement of the moving averages indicates that the SHIB market is undergoing significant destructive momentum, and the bears may continue to dominate until the bulls intervene.
The current value of SHIB/USD has crossed over the 20-day MA while exhibiting novice candlesticks, indicating that the negative momentum is fading and a positive reversal is possible. Crossing over the 20-day moving average and producing novice candlesticks indicate that consumers are entering the market and driving the price upward.
The Relative Power Index (RSI) has recently risen above its signal line, suggesting that the market’s destructive momentum may be diminishing. This RSI movement indicates the market’s rising purchasing tension as buyers regain confidence ahead of a possible rebound.
The pattern of TRIX is determined by the path of its line. If the TRIX line rises, the asset’s worth momentum will rise, and the pattern will be positive. If, on the other hand, the TRIX line falls, it indicates that the asset’s worth momentum is decreasing and the pattern is bearish.
As a result, with a TRIX reading of -6.79 and increasing, destructive pressure in SHIB is beginning to relax, signalling that the market is turning around. If the TRIX enters a positive area, it may indicate a bullish trend and attract more buyers to the market.
Despite recent losses, the SHIB market may be turning around as positive momentum builds and customers enter the market.
