For the past three years, Shiba Inu (SHIB) holders have found it difficult to be in celebratory mode in December. According to CoinMarketCap, when SHIB tapped its all-time high (ATH) of $0.000080 around October 2021, the price tanked until it reached $0.000030 in December.
Fast forward to 2022, it was not any better. Although affected by the FTX collapse, the token dropped from $0.000012 in November till it hit $0.0000083 around December 28.
SHIB All-Time Performance (Source: CoinMarketCap)
Not This Time
Lately, SHIB has been inconsistent with its movement. In the last 24 hours, the cryptocurrency reclaimed $0.0000084. But the last seven days have not been the best for SHIB, losing 2.38% of its value in the process.
This indecisiveness has brought out the conversation speculating around a repeat of its usual performance in the 12th month of the year. At the time of writing, SHIB was showing signs that it could defy the odds and not follow the usual trend.
One reason for this projection is the Relative Strength Index (RSI). At press time, the RSI was 55.66. The reading being above the 50.00 midpoint means there was a good level of buying momentum.
This buying pressure has also been responsible for the hike to $0.0000084 after the price initially dropped to $0.0000082 on November 26. The bullish bias was also confirmed by the Chaikin Money Flow (CMF).
At press time, the CMF was 0.19. Using a typical 21-day period, the CMF measures the flow of money into a cryptocurrency. Also, CMF values are between -1 to +1. So, the move into the positive territory is a sign that there is ongoing buying pressure.
SHIB/USD 4-Hour Chart (Source: TradingView)
Traders are Bullish on SHIB
Should sellers fail to absorb the buying momentum, SHIB may try and approach $0.00001. However, traders need to watch out for the sentiment in the market. If the CMF later drops and money flow reduces, SHIB may fall back to $0.0000082.
Irrespective of SHIB’s movement, traders seem to be bullish on the token. This was because the Shiba Inu fear and greed index was 64% at press time. The fear and greed index gauges a cryptocurrency’s movement and if one is fairly priced.
According to CFGI.io, the reading of the index means the volatility, volume, and social perception support a bullish move. The index signaled a greed level but not an excessive one. So, it is unlikely to see a significant drawdown in the SHIB price.
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