- Shiba Inu has a bearish internal structure due to the ongoing retracement.
- A move higher is anticipated but it would likely fall short of a bullish breakout.
As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to analyzing the market trends and the performance of specific tokens. Based on my observation of Shiba Inu’s [SHIB] recent price action, I believe that the memecoin is showing signs of a potential turnaround but still faces some hurdles before it can achieve a convincing bullish breakout.
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu [SHIB] bulls have been attempting to establish an uptrend for this memecoin. However, their efforts have not yet resulted in a successful trend reversal. The buying volume for SHIB has remained relatively low, even with Bitcoin [BTC] experiencing a rally. This could indicate that investors are holding onto their profits from BTC and Ethereum [ETH], potentially leading them to rotate their capital into memecoins like SHIB at a later time.
As an analyst, I’ve observed some noteworthy differences in the recent performance of PEPE and BONK compared to SHIB. While SHIB experienced a decline in social metrics and a significant drop in transactions on Shibarium, amounting to a 97% decrease, PEPE and BONK managed to outperform SHIB handily during the last week or two.
Shiba Inu is beginning to turn things around
Starting from mid-April, Shiba Inu has been forming successive lower lows with ease. Yet, the price level of $0.0000282 on the 21st of April, which served as a previous high, remained unbroken.
As an analyst, I’ve observed that despite the overall bullish trend on the higher timeframe for this token, its internal structure became bearish following the March pullback.
A week ago, the Relative Strength Index (RSI) on the daily chart rose above the neutral threshold of 50. This indicated that buying power was increasing and could potentially signal a bullish trend reversal.
From my perspective as a crypto investor, the On-Balance Volume (OBV) mirrored the price action and failed to surmount a resistance level. This is significant because a persistent breach above this barrier could have fueled further bullish momentum for Shiba Inu. However, given the current situation, it seemed more plausible that Shiba Inu would consolidate rather than mount a more substantial rally.
The internal structure could be flipped bullishly soon
Above the current market prices, a grouping of liquidation levels reached as low as $0.00003. This region has acted as a barrier to price advancement since late April.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Given the proximity of prices to this magnetic zone, a move higher is anticipated.
Traders have the opportunity to secure gains or close out their positions with this price action. Nevertheless, potential investors might want to hold off on purchasing until the $0.0000282 level proves its strength as a support level.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- ADS PREDICTION. ADS cryptocurrency
2024-05-22 20:07