👀 AMBCrypto Analytics: $SHIB Price Prediction
The 12-hour price chart revealed that since 15 March, the $0.00003-level has been important. The bulls briefly flipped it to support in the final week of March, but were unable to hold on.
The recent bounce also halted at $0.00000295, just below this level. The RSI highlighted that the momentum was indecisive with a reading of 47. The Chaikin Money Flow was also similarly indefinite. It has not moved significantly beyond +0.05 or -0.05 since mid-March.
The price action and the indicators showed that SHIB is in a consolidation phase. A CMF move beyond dotted white lines could be an early signal of rising buying (or selling) pressure and an impending SHIB move in that direction.
The 30-day MVRV ratio dropped into negative territory earlier this month, signaling an undervalued asset. The mean coin age, on the other hand, has strongly trended upwards since early March. It is a strong buy signal, especially since the token is consolidating under resistance.
The Open Interest has also dropped substantially over the past ten days. It showed that speculators preferred to remain sidelined and have not been willing to bet on SHIB’s price movement on the charts.
Dormant circulation had sizeably spiked in early March, when the mean coin age nosedived. Since then, the dormant circulation has been quiet. This is another sign that significant selling pressure and token movement has been absent in recent weeks.
