- Shiba Inu bulls flipped the mid-range level to support and have performed well since then.
- The meme coin might not yet be ready for a rally beyond the local lower highs.
As an experienced analyst, I have closely followed the price movements of Shiba Inu [SHIB] over the past few months. While the meme coin sector has shown impressive gains, Shiba Inu’s performance has been lackluster compared to its peers.
Shiba Inu [SHIB] saw an old whale wallet sell all its holdings at a considerable profit. The meme coin sector was performing well, but Shiba Inu was unable to keep pace with the fastest gainers.
I found myself in a waiting game during this consolidation period that began in mid-April. The cryptocurrency’s price remained trapped within its local resistance zone, unwilling to break through. However, the bulls were not deterred and made yet another attempt to push the price higher. Will their efforts pay off? Only time will tell.
The range highs were under threat
The purple line’s span extends from a low of $0.00002 to a high of $0.0000282. The white dot signifies the midpoint, sitting at $0.0000244.
For the past two months, the price of Shiba Inu has consistently bounced back and forth around this particular level, acting as both a floor for supportive buying and a ceiling for resistant selling.
As of the current moment, the price was making an effort to surpass the upper bounds of its recent trading range. A week prior, it had successfully transformed the middle point of this range into a support level, underlining the significance of the price range once more.
The OBV, similar to the price, remained below a notable resistance line reaching back to mid-May. However, signs suggested an imminent rise for the OBV, although it wasn’t clear at the current moment.
If a price breakout occurs, keep an eye on the previous correction stages’ lowest highs of $0.0000295 and $0.0000328 as potential new resistance levels.
Why a breakout might be unlikely
As a researcher examining the market data, I observed robust bullish trends reflected in the technical analysis. However, my investigation uncovered a concerning finding when reviewing the liquidation heatmap. No substantial liquidity pockets were detected above the $0.00003 resistance level.
The current rally had successfully drawn in liquidity close to the range highs, implying that a potential pullback was imminent.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
As a crypto investor, I believe that prolonged periods of trading within a specific price range and extended consolidation phases can lead to the formation of significant liquidity pools around particular prices, such as $0.000035 or even higher. Once the overall market sentiment begins to change from bearish to bullish, these pockets could potentially act as strong targets for price increases.
Such a rally might not be in store for Shiba Inu, and traders need to be prepared for a price dip.
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2024-05-30 00:07