There is a growing interest in the bullish case for Shiba Inu, with crypto analyst Jacob Bury of the Jacob Crypto Bury channel drawing attention to some encouraging chart patterns. While SHIB has had a few down months and has been largely range-bound, key indicators suggest a recovery may be on the horizon.
Shiba Inu’s Current Market Landscape
Bury notes that the token’s market capitalization has taken a considerable hit, coming down from an $18 billion high to stand at around $2.52 billion today. The price has been pushed to multi-year lows by predominantly negative action. For Bury, this protracted slide is indicative of market fatigue, but also represents an area where long-term investors may be accumulating.
Technical Indicators Point to Bullish Potential
According to Jacob Bury, Shiba Inu has reached a relative strength index (RSI) of 32, something the token has not done since June 2023. It is worth noting that SHIB took about 1000 days to return to such oversold territory, an area from which bullish reversals have occurred in the past. Bury sees this as a significant technical signal and one that could indicate another major rally for the asset over the coming 300 days, as long as the market continues on its present course. Should those conditions remain in place, he believes SHIB may see considerable gains by 2030.
On-Chain and Derivatives Data Support the Bullish Case
The on-chain figures lend credence to the bullish case for Shiba Inu. A drop in SHIB token supply on exchanges is evident as holders make withdrawals, a sign of waning selling pressure and increased confidence from the community. Derivatives data seems to confirm this; with the long-to-short ratio at 1.02 on Tuesday, the majority of traders are positioned for a longer-term price advance.
For anyone interested in picking up some Shiba Inu, Bury points to Bitbase as one of his preferred trading venues. When considering the technical and on-chain evidence together, it is no surprise that Bury and his followers are feeling a measure of cautious optimism about where the asset is headed.
Source — Jacob Crypto Bury: https://www.youtube.com/watch?v=iN9dd6dTvCY
