Shiba Inu (SHIB) Teases Bullish Price Reversal

Shiba Inu (SHIB) price showed a green signal this week as it hovered above the $0.0000065 range. Notably, the on-chain data shows a positive upward trend in social sentiment surrounding the Shiba Inu community. Is SHIB due to a bullish reversal?

On June 14, a prominent Shiba Inu developer Shytoshi Kusama teased an upcoming product launch in a encrypted tweet. A day later, another key contributor “Lucie Shib” released a Tweeter indicating that the memecoin project is alive and BUIDLing.

On-chain data shows that these critical announcements had a positive impact on social sentiment within the SHIB community. Here’s how it could trigger a bullish reversal.

After a rocky start to the month, Shiba Inu investors are getting optimistic again. SanimentIt is Weighted feeling The metric gauges the mood of a particular blockchain community by comparing the number of positive comments on the project to negative.

As shown below, SHIB Weighted feeling began to increase around June 9. As of June 16, it is currently around -1.43. This represents a positive improvement of 13% over the past week.

Shiba Inu (SHIB) Bullish Price Reversal, Jun 2023 – Weighted Sentiment.
Shiba Inu (SHIB) Bullish Price Reversal, Jun 2023 – Weighted Sentiment. Source: Santiment

When Weighted feeling begins to rise during a price correction, this signals that a bullish reversal may be imminent. If the team’s recent announcement results in a widely accepted product launch, SHIB price may soon enter recovery mode.

SHIB tokens fly off the shelves

Furthermore, the sharp decline in the balance of SHIB tokens available on the exchanges is another critical factor indicating a bullish reversal.

THE Balance on exchanges represents the number of tokens that investors have deposited on recognized cryptocurrency exchanges.

The Glassnode chart below illustrates how SHIB holders withdrew 4 trillion tokens from exchanges between June 9 and June 16.

Shiba Inu (SHIB) Bullish price reversal.  June 2023
Shiba Inu (SHIB) Bullish price reversal. June 2023, Source: Glassnode

When investors move tokens to exchanges, they can look for selling opportunities. Notably, this can be seen in the chart above. The 15% drop in the SHIB price on June 9 was preceded by a sharp increase in the FX supply on June 8.

However, with the SHIB Balance on exchanges rapidly declining, selling pressure should ease in the coming days.

SHIB Price Prediction: Potential Bullish Reversal Towards $0.000010

According to IntoTheBlock’s global price distribution data, Shiba Inu is likely to perform a bullish reversal towards $0.000010.

But currently, the sell wall mounted by 88,000 addresses that bought 32 trillion SHIB tokens at the mid-range of $0.000008 could trigger a pullback.

Shiba Inu price will likely rally towards $0.000010 if this resistance breaks down.

Shiba Inu (SHIB) price prediction.  June 2023
Shiba Inu (SHIB) price prediction. June 2023, Source: IntoTheBlock

Still, Shiba Inu bears can negate this bullish narrative if SHIB price breaks below $0.000006. But the 19,260 addresses that bought 8.82 trillion tokens at the minimum of $0.000006 could mount a buy-wall.

Nonetheless, Shiba Inu bears could force a decline to $0.000005 if this support level breaks down.


In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions are subject to change without notice. Always do your own research and consult a professional before making financial decisions.

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