“Shiba Inu (SHIB) is sending mixed signals”
Shiba Inu (SHIB), which has difficulty accompanying the increases in the crypto market, remains uncertain with technical indicators.
The leading crypto Bitcoin (BTC) has paved the way for altcoins by rising to the level of $ 66,000. Memecoins have been the altcoins that have performed best in positive market conditions. Many memecoins have risen to all-time highs. Especially NEIROETH, TURBO and POPCAT have achieved striking increases.
SHIB, the second largest memecoin after Dogecoin, fell short of expectations. According to CoinGecko, the SHIB price has lost 0.9 percent in the last two weeks.
AMBCrypto stated that uncertainty is putting pressure on SHIB.
With Bitcoin (BTC) on the rise, activity was seen in the memecoin market. The total market value of memecoins reached $59.371 billion with an increase of nearly 5 percent in the last 24 hours. Among the top 20 memecoins by market value, Shiba (SHIB) had the worst price performance.
Dogecoin (DOGE), which has a very high market value, increased by 7.4 percent in the last week, while SHIB was content with a 4.9 percent increase.
TURBO was the most successful memecoin in the last week, while SHIB was the least successful. In addition, SHIB lost 0.9 percent in the last two weeks.
According to AMBCrypto's analysis, SHIB has formed a bullish formation and is preparing for a major rally. Technical indicators show that the price will remain in the consolidation (accumulation) phase for a while, despite the recent increases.
The analysis included the following statements;
“SHIB is consolidating inside a symmetrical triangle, a technical formation where the price oscillates between narrowing resistance and support levels. The formation in question indicates a potential accumulation for a significant price movement.
The analysis stated that investors continue to accumulate in anticipation of a major rally, and that the potential rise will begin with the breaking of the $0.00002954 level.
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