Popular meme coin Shiba Inu has dropped to shocking levels amid the ongoing market crash. But according to crypto analyst Albert Brown, on-chain data suggests a recovery is on the horizon.
On-chain data signals recovery for meme coin
Shiba Inu (SHIB) faced a severe storm amid market turmoil. Meme coin has dropped below four psychological support levels in less than two months. However, the latest on-chain data suggests that the bottom may be priced in and a recovery may be imminent.
cryptocoin.comAs you follow, the Shiba Inu’s troubles began in March after an impressive rise in February. SHIB closed March with a 9.90% decline. However, it remained above the psychological support of $0.000010. However, SHIB lost 21.72% of its value over the next two months. Thus, it eventually settled below $0.000010. Having fallen 19.44% so far this month, the SHIB is currently trading below the psychological support levels of $0.000009, $0.000008 and $0.000007. In the midst of this bearish situation, data suggests the Shiba Inu may be preparing to recover.
Shiba Inu Weighted Sensitivity metric rises
Data from behavior analytics resource Santiment shows that feelings about the Shiba Inu continue to improve. The Weighted Sentiment metric, which measures investors’ sentiment towards an asset, has risen over the past week.
However, the Shiba Inu’s Weighted Sensitivity remains negative, with a current value of -1,395. Despite this, the chart shows that sentiment has improved since June 9, when it dropped to -1,543. If this gradual increase continues, it is possible for the metric to shift into positive territory.
Improvement in investor sentiment continues despite the SEC-induced market crash. After the accusations against Binance and Coinbase, Shiba Inu’s market sentiment dropped shockingly. However, investor confidence is growing. A rise in Weighted Sentiment after a big drop indicates a resurgence of interest among investors. This trend typically points to increased demand as market participants re-emerge. When coinciding with a market crash, this pattern could signal a bottom and an impending price recovery.
SHIB’s Trading volume shows confidence boost
IntoTheBlock data also confirms confidence among investors. Notably, Shiba Inu Trading Volume on exchanges increased by 5.21%. This indicates an upward trend.
A positive Bid Volume indicates more buying interest (quotes) than selling interest (demands) in the market. This is a sign that investors are actively looking to buy SHIB tokens and are willing to bid higher than the current selling price. This trend is usually triggered by an uptrend and an increase in buying pressure. In a downturn, it may indicate that prices will soon reverse.
Meanwhile, the Shiba Inu is up 2.34% in the last 24 hours at the time of writing. Currently changing hands at $0.000006969, SHIB is looking to retake the $0.000007 zone. If the entity conquers this region, it is possible that it will turn it into support. Thus, he is likely to use it as leverage to get to the $0.000008 point.
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