Shiba Inu Outperforms Rivals in Short-Term Gains

Shiba Inu Outperforms Rivals in Short-Term Gains

Shiba Inu (SHIB) short-term holders outperformed competitors like Pepe (PEPE) last week. Over the past five trading days, Shiba Inu price predictions and comparisons revealed that SHIB and Dogecoin (DOGE) experienced gains of less than 1%, while PEPE provided speculators with a +22% return.

Trading Volumes in Meme Tokens

At the time of writing, according to the 21milyon.com website, PEPE's daily trading volume stood at $3 billion, while SHIB and DOGE recorded $500 million and $1 billion, respectively. This indicates that PEPE's volume surpassed SHIB by a factor of 6 and DOGE by a factor of 3. The market's response to PEPE's recent surge has been characterized by FOMO (fear of missing out).

Shiba Inu's Technical Outlook

The meme token has maintained a sideways trend since mid-April, which could potentially discourage SHIB's short-term holders. Is a breakout likely for SHIB, and what are the key targets to monitor?

Since mid-April, SHIB has remained below $0.000027. During this period, it has fluctuated between the 50% and 61.8% Fibonacci levels. Despite repeated tests of the upper range, the resistance level, which also serves as a bearish order block (OB), poses a significant barrier to further upside. SHIB bulls may encounter additional upside potential only if they manage to close a decisive daily candle above the 50% Fibonacci level. However, the neutral relative strength index (RSI) suggests that the strong buying pressure necessary for an upward breakout has not yet materialized.

Analytical Reports on SHIB

This situation indicates that SHIB may remain range-bound for an extended period. The neutral market sentiment and indecision are further supported by mixed signals in the futures market and on-chain metrics. According to Coinglass, SHIB's open interest (OI) has increased to $90 million, suggesting growing bullish sentiment in the futures market. However, on-chain data provides a contrasting signal.

Specifically, the supply on exchanges has witnessed a sudden increase, indicating a rise in selling pressure as more SHIB is moved to exchanges for unloading. Additionally, the sentiment has shifted into negative territory, reflecting a pessimistic outlook for SHIB's price expectations. Nevertheless, SHIB could expand its price range to gather sufficient momentum for a potential breakout. In such a scenario, SHIB investors could capitalize on the highest and lowest levels to secure profits and re-enter the market.

The article was originally published on COINTURK NEWS: Shiba Inu Outperforms Rivals in Short-Term Gains