3 Shiba Inu (SHIB) Price Signals to Watch after 30% Gains in 2-Days

Shiba Inu Price Analysis

Shiba Inu’ price fell to $0.000010 on Monday, August 5, following a 30% rebound in 48-hours three technical price indicators suggest SHIB is now poised for a prolonged bullish reversal as the month unfolds.

SHIB Rebounds 30% after Market Crash

The global crypto markets experienced significant volatility on Monday, August 5, with Shiba Inu facing a steep decline of 46.63% over the past 20 days. This marks one of the sharpest declines in recent history for SHIB.

However, the price has shown resilience, rebounding by 30.28% in the last two days, reclaiming the $0.00001324 level as of August 7. This recovery suggests that strategic traders are capitalizing on the market dip to bolster their SHIB holdings at a discount.

These 3 technical price indicators provide clear signals that SHIB could be on the verge of an entering extended bullish phase in the near term.

1. Balance of Power Shows Buyers Gaining Momentum

The Balance of Power (BOP) indicator, a tool used to measure the strength of buying and selling pressure in the market. At the time of writing, the BOP indicator on Shiba Inu’s daily price chart is currently trending at -0.23.

Although this negative value indicates some residual selling pressure, the trend is shifting towards a more neutral stance. This shift can be interpreted as a sign of buyers beginning to gain control, which often precedes a bullish reversal.

Historically, a move towards the zero line after a period of negative values suggests that the sellers are losing steam, paving the way for an upward momentum.

2. ADL Flashes Bullish Advance Signals

The Advance Decline Line (ADL) is another key indicator flashing bullish signals for Shiba Inu. This indicator tracks the cumulative difference between advancing and declining assets.

A rising ADL suggests that more assets are gaining value than losing, indicating overall market strength. SHIB’s ADL is currently around 1,522.66 and on an upward trajectory.

This positive movement in the ADL indicates that there are more advancing issues than declining ones in the market, suggesting broad-based buying interest.

For Shiba Inu, this broad market strength can be a bullish signal, reflecting positive investor sentiment and a potential for further price increases as more assets participate in the uptrend.

3. SHIB Price Forecast: Bollinger Bands Hints Potential $0.000015 Breakout

Bollinger Bands, a volatility indicator, show SHIB trading close to the lower band at $0.00001267, which typically suggests oversold conditions. This positioning often precedes a price rebound.

Currently, the upper Bollinger Band is set at $0.00001927, presenting a key resistance level, while the lower band at $0.00001267 acts as support.

SHIB’s recent bounce from the lower band and movement towards the middle band suggests building bullish momentum. If the price continues to move upwards and breaks past the middle band at $0.00001597, we could see a significant rally towards the upper resistance level.

Hence, Shiba Inu’s recent price action, supported by key technical indicators such as BOP, ADL, and Bollinger Bands, suggests a bullish reversal is on the horizon,

Bull traders will be on high alert as as SHIB could potentially test the $0.000015 resistance level in the coming days.

The combination of rebounding from significant declines, positive market sentiment, and technical signals indicates that SHIB might be poised for a positive performance in August.