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Shiba Inu (SHIB) Bulls Ready for Next Rally, Here's Data Proof

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Sat, 28/10/2023 - 13:44
Shiba Inu (SHIB) Bulls Ready for Next Rally, Here's Data Proof
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After a massively bullish run, Shiba Inu (SHIB) is facing a mild correction that seems to be engulfing most altcoins at the moment. Shiba Inu is giving up some of its gains with its price pegged at $0.000007814, down by 0.36% at the time of writing. Rather than maintain a pessimistic outlook for Shiba Inu, this current price slump is arguably a basis for imminent price jumps.

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Shiba Inu (SHIB) Forms Major Bullish Pattern

With the trading volume depressed by more than 39% to $124,087,955, it is evident that SHIB traders are selling off their bags. Should this trend continue, we may see a drawdown that will reactivate the buying push from investors across the board.

On-chain data per earlier reports shows as much as 841% in outflows recorded throughout the week. This figure underscores the downtrend in volume as showcased by the actual slip in trading volume. It should be noted that Shiba Inu maintains natural volatility, and this on-chain data can generally be an over-amplification of key market makers' intentions.

This feature to amplify intent serves as the bull case basis for the meme coin moving forward. With a price drawdown, we can expect a bullish reversal in the coming days.

SHIB growth factors to watch

Shiba Inu might be an independent crypto protocol with its own thriving ecosystem, it is worth noting that the most significant of its growth factors is its correlation with Bitcoin (BTC) or the broader market.

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With this correlation, we can be sure that a rise in Bitcoin's price will also stir a rise in SHIB's and vice versa. While there are instances of visible decoupling from this trend, the latest price action proves this correlation might be dormant but still very existent.

Shiba Inu also banks on its token burn campaign and Shibarium's impact as key triggers that can influence its price resurgence.

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