Shiba Inu Behaves Steadily, Could Be Heading Toward Potential Bullish Trading

The crypto market bloodbath has put the altcoin Shiba Inu in the spotlight, and the token has proved once again that it can survive and outperform major crypto assets. Analysts now see that the token is behaving steadily, seemingly indicating that an uptrend is imminent.

Weekly charts usually paint a clear picture of a crypto asset's performance. Last week, Shiba Inu saw a 33.74% uptrend against BTC's 2.32% spike shown by Bitcoin, the number one cryptocurrency by market capitalization, over the same period.

SHIB also displayed a positive Moving Average Convergence Divergence (MACD), an indicator of a flowing momentum trend, suggesting the token is heading to potential bullish trading. Moreover, the TD sequential indicator, which primarily identifies the turning point in the asset's price trend, lists nine candles in a row, which could lead to a TD9 buy or sell signal, noting a possible trend reversal.

But since it recorded only nine in a row thus far, the indicator suggests a period of growth for the asset. However, a daily chart Monday showed a bearish RSI divergence, seemingly widening steadily, along with a negative MACD. If this continues, SHIB could be heading toward a downtrend.

Shiba Inu achieved its all-time high price of $0.00007956 eight months ago, and the community expects it to exceed this price by the end of this year.

On Monday, Shiba Inu lead developer Shytoshi Kusama teased about revealing "a lot" of things this week, suggesting they could release updates on various projects currently in development for the Shiba Inu ecosystem. Kusama shared an update again a few hours later, assuring their followers that a Medium blog post bearing the updates would be released soon.

"Medium is just about done, but out of respect for 4th of July I will post tomorrow. Have a SAFE time out there to all my American Frens," the lead developer tweeted.

As of 5:11 a.m. ET on Tuesday, SHIB was trading up 2.77% at $0.00001035 with a 24-hour volume of $404,637,537 based on the latest data from CoinMarketCap. The current price is 87% below the altcoin's all-time high price of $0.00007956.