According to U.Today, Shiba Inu, the popular cryptocurrency, has demonstrated potential for a breakthrough following a 10% surge and a move above the 50 EMA threshold. However, despite this recovery, various data points suggest that it may not be sufficient, particularly due to the lack of continuation at the current time.
The recent price chart reveals that while Shiba Inu managed to surge past the 50 EMA, it struggled to maintain momentum. The volume spikes that accompanied the price surge were significant, indicating increased trading activity. However, these spikes did not sustain, suggesting a lack of consistent buying pressure necessary for a sustained breakout.
On-chain signals present a mixed picture. Net network growth and the percentage of addresses in profit are both showing bullish trends, indicating some positive sentiment and network activity. However, the concentration metric is slightly bearish, suggesting that the asset might still be under the influence of a few large holders, which could lead to price manipulation or sudden sell-offs.
Exchange signals offer a slightly more optimistic view. The smart price metric and bid-ask volume imbalance both lean bullish, indicating that on-exchange trading activity is currently favorable. The bid-ask volume imbalance, in particular, shows a significant 6.69% bullish tilt, which could imply a strong demand at current price levels.
Despite these positive indicators, the lack of follow-through in price action and the bearish concentration signal highlight the challenges Shiba Inu faces. For a more decisive bullish breakout, Shiba Inu would need to overcome the 200 EMA resistance and attract sustained buying interest. Broader market conditions will also play a crucial role in determining whether Shiba Inu can capitalize on its recent momentum.