Shiba Inu has news on this front but will that be enough to save an ailing SHIB?

January 16, 2023 Scryptopia Shiba 0

  • Shiba Inu’s NFT ecosystem registered growth over the last week
  • SHIB’s price rallied by 20%, however, a trend reversal was possible

The popularity of Shiba Inu [SHIB] NFTs was proven, yet again, as the special Shiboshi and Bugatti mint collection was sold out in the first four minutes of being launched. Soon after this information was revealed, Shiba Inu fans flooded Twitter with optimistic opinions.

Santiment’s data revealed that not only the Bugatti mint collection, but also SHIB’s NFT ecosystem witnessed overall growth. The total NFT trade count and total NFT trade volume in USD increased over the last week, which looked promising for Shiba Inu. 

Source: Santiment

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Will SHIB sustain its pump?

Apart from the NFT space, SHIB also managed to put a smile on the faces of investors as its weekly chart was bullish. CoinMarketCap’s data reveal that SHIB’s price increased by more than 20% during the last seven days. At the time of writing, it was valued at $0.00001 with a market capitalization of over $5.4 billion.

Surprisingly, things were changing as SHIB’s price decreased by 7%. However, a look at SHIB’s on-chain metrics would offer a better understanding of what was cooking.

A bullish signal was that SHIB’s Market Value to Realized Value (MVRV) Ratio registered an uptick. This suggested that the price might continue to increase in the coming days. However, negative sentiments around SHIB spiked twice over the last week, reflecting less trust in SHIB among the community.

Furthermore, CryptoQuant’s data revealed that SHIB’s exchange reserve was increasing. This was a bearish signal as it indicated higher selling pressure.

Source: Santiment

Realistic or not, here’s SHIB’s market cap in BTC’s terms

The bears are here

A look at SHIB’s daily chart suggested that the bulls lost all their advantage in the market as most of the indicators were bearish. The Relative Strength Index (RSI) registered a downtick from the overbought position, indicating that SHIB’s price might decline in the coming days.

SHIB’s Chaikin Money Flow (CMF) also followed a similar path and went down. Nonetheless, the Exponential Moving Average (EMA) Ribbon gave some hope for a price surge as it displayed a bullish crossover. 

Source: TradingView