- Ah, the Shiba Inu weekly price action, a veritable tapestry of bearishness!
- Our dear lower timeframe chart has graciously highlighted two Fibonacci retracement levels for our viewing pleasure.
Once upon a time, in the land of Shiba Inu [SHIB], our brave little coin fell below a key long-term level last week, desperately attempting to claw its way back up. Alas, the price action of recent months has left the higher timeframe bias decidedly bearish, much like a rainy day in London.
It was the Bitcoin [BTC] range formation in December that sent SHIB tumbling downwards, like a soufflé that just wouldn’t rise. Other unfortunate events have eroded the bullish conviction in memecoins, a trend that seems to be as stubborn as a cat refusing to take a bath.
Shiba Inu bulls likely to have a hard time
On the weekly chart, Shiba Inu presents a bearish structure, having broken below the $0.0000164 level, the lower high from November. At present, it floats just above the $0.00001288 support, like a balloon tethered to a child’s wrist. The first weekly session of March closed below this level, reinforcing the bearish outlook—how delightful!
Rallies in early 2024 and November 2024 were unable to challenge the highs from late 2022, which was rather disappointing. One might have expected more from Bitcoin, which enjoyed a capital inflow last year that could rival a royal wedding. Alas, hopes of capital rotation into the memecoin may have been as misplaced as a misplaced umbrella in a downpour.
A bounce from the outlined weekly support is anticipated, though it won’t be immediate. Much like waiting for a bus that never arrives, we may experience a few weeks of consolidation before the next move.
The 6-hour chart reveals SHIB trading near a local resistance at $0.0000138 (red). The OBV, bless its heart, failed to set a higher high compared to earlier this month.
Furthermore, Fibonacci retracement levels have identified $0.0000135 and $0.0000142 as key short-term resistance zones—how thrilling! This suggests SHIB is unlikely to rise more than 6% from its current price. The RSI, in a moment of optimism, reflected bullish momentum following last week’s gains, but the swing structure on the 6-hour chart remains as bearish as ever.
A breakout above $0.0000127 and its retest as support fueled recent gains, much like a good cup of tea can fuel a British afternoon. Similarly, a move above $0.0000152 could drive the next leg higher. However, the weekly chart does not indicate such a breakout is imminent—what a surprise!
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2025-03-18 00:52