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Dog themed cryptocurrency Shiba Inu (SHIB) has seen a 114% imbalance in bulls and bears.
The bulls and bears indicator from IntoTheBlock measures the total amount of large buyers or sellers. This is essential as institutions, such as exchanges, are constantly sending and receiving crypto moving it from one address to another.
The difference between the bulls and bears might reveal something as regards the market. If the difference between bulls and bears is a net positive, it might point to more large buyers than sellers.
The bulls and bears indicator from IntoTheBlock reveals 77 bulls and 67 bears for Shiba Inu, a 114% imbalance. The difference of 10 bulls remains significant as more bulls point to greater confidence in the current price trend.
At press time, SHIB was up 2.86% in the last 24 hours to $0.00001294, reflecting the rise in the crypto market as Ethereum surpassed $4,000 for the first time this year.
SHIB price action
Following a slump from late July, Shiba Inu reached a low of $0.0000116 on Aug. 2, from which it rebounded. After a few days of range trading, Shiba Inu is once again trading above the daily SMA 50 at $0.00001272 after falling below it on July 30. The next major barrier now lies at the daily SMA 200 at $0.00001371, with a break above it signifying a fresh uptrend for the dog coin.
In this scenario, Shiba Inu might target the $0.000016 level ahead of the $0.000018 level. The likelihood of consolidation remains as the daily RSI is flat at the 50 midpoint.
Shiba Inu recently formed a golden cross on its hourly chart, a bullish indicator that occurs when the 50-period SMA crosses above the longer term — usually the long term moving average (the 200 period SMA). The 50-hour SMA crossed above the 200-hour SMA, confirming a golden cross, indicating that short-term selling pressure is waning, at least for the time being.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team