Key Takeaways
Well now, Shiba Inu has turned out to be quite the conundrum for our dear traders, what with its indecisive price trend. But fear not, for those swing traders among us, there are still chances to buy and sell at those oh-so-important support and resistance levels.
For the past six months, Shiba Inu [SHIB] has been prancing about in a range, like a dog chasing its tail. And in recent weeks, it seems to have lost its way, lacking any strong higher timeframe trend. It’s like watching a cat try to swim-entertaining, but not very effective.
As of now, on the lower timeframes, it’s leaning bearishly, which is just a fancy way of saying it might drop further, even though there’s a smidgen of buying pressure. A real nail-biter, I tell you!
According to the wise folks at CoinMarketCap, the memecoin market has taken a tumble, shedding a whopping 18.8% in market capitalization over the past month. Talk about a rough patch! 🐕💸
And let’s not forget our old friend, Dogecoin [DOGE], who’s been stuck in a range since March, trying to break free in mid-July but failing spectacularly. It’s like watching a dog try to catch its own tail-entertaining, but ultimately fruitless.
Shiba Inu Falls Below the Mid-Range Level – What Next? 🤔
The swing points on the 1-day chart are at $0.00001765 and $0.00001028. Mark your calendars, folks!
The CMF is slithering its way higher, but still below +0.05. So, there’s some buying pressure, but it’s about as overwhelming as a kitten trying to scare a lion.
Moreover, the mid-range level at $0.00001328 was recently retested as resistance. This means there’s a good chance we might see a further price drop toward the range lows. Buckle up! 🎢
Now, the 4-hour chart shows a glimmer of hope. The Awesome Oscillator is below the zero line, reflecting bearish momentum, but the CMF is above +0.05. It’s like a candle in the wind, but we’ll take what we can get!
Traders can expect the former level at $0.00001184 to act as support upon a retest, and they should be ready to pounce. But beware! A drop below $0.0000116 would be a warning that the bulls are feeling a bit weak in the knees, and it might be time to close those long positions.
Similarly, a retest of the $0.0000105 range lows would also present a fine buying opportunity. So keep your eyes peeled, folks! 🐶💰
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2025-08-23 04:10