The crypto space is diving into a fresh bearish wave at the beginning of August 2023 as the global crypto market capitalization slides down to $1.16 trillion. The Bitcoin price dropped below $29,000 again, marking acute weakness among the bulls as they have been constantly failing to lift the price above $29,500. However, being a little diverse, ShibaArmy geared up strongly, lifted the Shiba Inu price fairly, and held it within the pivotal zones.
Also Read: Bitcoin Price Prediction August 2023: BTC Adoption Climbs High, Price May Hit $40,000 Soon
After experiencing massive selling pressure of over $12 trillion in June, leading to a single-day drop of over 20%, the SHIB price managed to rebound and maintain a consolidated upswing. The price further rose and reached a crucial juncture during the month-end, wherein a breakout was the need of the hour. However, the SHIB price failed to do so but is flashing extreme bullish signs that may eliminate a zero from its value very soon.
As mentioned in the above chart, the SHIB price rose above the descending trend line and, after surpassing the crucial resistance, is undergoing a minor retracement phase. Until the price sustains above these support levels, the possibility of a bullish rebound looms over the memecoin. Besides, the strength of the rally, ADX or Average Directional Index, has triggered a bullish divergence, which suggests the bulls may soon regain their power.
Investors Bullish on Shiba Inu
Investor sentiment has been proven to be a critical indicator of an upcoming trend in recent times. As a result, a surge in bullish sentiments can be measured either by the token’s social volume or by the investor’s “holding mentality.” In a recent update, a huge amount of SHIB tokens have been flown out of exchanges, suggesting that the traders are extremely bullish over the token’s impending rally.
As per the data shared by an analyst, Ali, nearly 3.30 trillion SHIB have been withdrawn from known crypto exchanges, which is worth around $28 million. This suggests the traders have no intention to perform a trade using SHIB tokens and may hold it for a long time. This may positively impact the price, which may be fueled by the launch of Shibarium, which is in the Beta phase at the moment.
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