The proposed launch of Shibarium contributed to improved sentiment toward SHIB. Investors, however, might be running out of patience. The proposed launch of the much-awaited layer-2 blockchain Shibarium and the ongoing bull run in the general market has led to a growth in Shiba Inu’s [SHIB] price and has resulted in an improved sentiment since […]
is a layer 2 blockchain built atop the Ethereum network and designed to be powered by the Shiba Inu ecosystem tokens, which include SHIB, LEASH, and BONE.
An assessment of SHIB’s performance on the daily chart revealed that the meme coin had seen increased demand in the past few weeks, causing coin accumulation to rally to levels last since before FTX’s fallout in November 2022.As of this writing, SHIB’s Relative Strength Index was in an uptrend at 68.62. Likewise, its Money Flow Index was 73.59. These indicators have been in an uptrend since the year started, indicating that coin accumulation has since grown.
This created a bearish divergence which often hints at a sell signal. A CMF sell-signal presents itself when an asset’s price action develops a higher high into overbought zones, with the CMF diverging with a lower high and beginning to fall.
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