Home » Shiba Inu: Analyzing the Strongly Bullish Long-Term Outlook Amid Current Pullback

Shiba Inu: Analyzing the Strongly Bullish Long-Term Outlook Amid Current Pullback

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Shiba Inu: Analyzing the Strongly Bullish Long-Term Outlook Amid Current Pullback

Shiba Inu, a popular memecoin, has recently seen a significant pullback in its price, dropping 40% from its local high. Despite this decline, the long-term outlook for Shiba Inu remains strongly bullish. Whales have benefitted during the recent rally, while small holders continue to show interest in the cryptocurrency.

Technical analysis suggests that the pullback could continue, with the current market structure remaining bullish. The Relative Strength Index (RSI) is above the neutral 50 level, indicating a potential for further upside. However, momentum has slowed in recent days, with selling pressure gradually increasing.

On-chain metrics also point towards a consolidation phase, with open interest in Shiba Inu decreasing and the average age of coins increasing. This suggests that holders are accumulating Shiba Inu in preparation for a potential rally in the future.

Despite the recent bearish trend, the MVRV ratio remains positive, indicating that a good portion of holders are still making profits. It is likely that Shiba Inu will slowly fall towards key support levels before potentially seeing a strong bullish reaction.

While the information presented does not constitute financial advice, it is important to note that the market for Shiba Inu remains volatile and investors should exercise caution.

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