Shiba Inu Outperforms Rivals in Short-Term Gains
Release: 2024/05/28 14:37 Reading: 851
Shiba Inu Outperforms Rivals in Short-Term Gains
Shiba Inu (SHIB) short-term holders have outperformed rivals such as Pepe (PEPE) over the past week. Shiba Inu price predictions and comparisons indicate that SHIB and Dogecoin (DOGE) have gained less than 1% over the past five trading days, while PEPE has offered speculators a +22% gain.
Trading Volumes in Meme Tokens
According to 21milyon.com, PEPE's daily trading volume stands at $3 billion at the time of writing, while SHIB and DOGE have volumes of $500 million and $1 billion, respectively. This suggests that PEPE's volume is six times that of SHIB and three times that of DOGE. The market has responded to PEPE's recent surge with FOMO.
Shiba Inu's Technical Outlook
Since mid-April, SHIB has maintained a sideways structure, which could be discouraging for its short-term holders. SHIB has remained below $0.000027 since mid-April, fluctuating between the 50% and 61.8% Fibonacci levels.
Despite several retests of the upper range, resistance at the 50% Fibonacci level, which also acts as a bearish order block (OB), poses a significant obstacle to further upside. SHIB bulls may only see further gains if they can manage a decisive daily candle close above the 50% Fib level. However, the neutral relative strength index (RSI) indicates that the strong buying pressure needed for an upward breakout has not yet materialized.
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Analytical Reports on SHIB
This situation suggests that SHIB may remain range-bound for a while longer. The neutral market indecision is further confirmed by mixed signals in the futures market and on-chain metrics. According to Coinglass, SHIB's open interest (OI) has increased to $90 million, indicating increased bullish sentiment in the futures market. However, on-chain data provides a contrasting signal.
Specifically, the supply on exchanges has increased abruptly, suggesting a rise in selling pressure as more SHIB is moved to exchanges for unloading. Additionally, the sentiment has fallen into the negative zone, indicating a pessimistic outlook for SHIB's price expectations.
Nonetheless, SHIB could expand its price range to gather sufficient momentum for a potential breakout. If so, SHIB investors could capitalize on the highest and lowest levels to take profits and re-enter.
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