Shiba Inu’s price can reclaim its March highs

Shiba Inu might be on the cusp of a fresh bull rally, but a few things need to happen first.has been underperforming for multiple days, as both its weekly and daily charts were red. However, investors mustn’t lose hope, as this bearish price action might just be a prelude to a massive bull rally ahead, one which can allow SHIB to hit new highs soon.revealed that the memecoin witnessed a double-digit price decline of 12% in the last seven days.

At press time, the memecoin was testing its support on its chart. A successful test and a breakout could ignite a bull rally. If things fall into place, then SHIB might as well reclaim its March highs in the coming weeks or months.Since there seemed to be chances of a trend reversal, AMBCrypto analyzed SHIB’s on-chain data to see what the metrics suggested. As per our analysis, buying pressure on SHIB rose last week – Evidenced by the spikes in its exchange outflows.

Whales have also been actively buying the memecoin as the supply held by top addresses increased over the last few days.had a value of 36%, meaning that the market was in a “fear” phase. Whenever the metric hits this level, it indicates that the chances of a price hike are high. Finally, AMBCrypto’s analysis of SHIB’s daily chart revealed that its Relative Strength Index was in the oversold zone.The Chaikin Money Flow registered an uptick, implying that investors might soon see SHIB paint its charts green. Nonetheless, the MACD continued to support the sellers as it projected a bearish advantage in the market.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.

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