Mapping Shiba Inu’s price prediction as SHIB rallies 12% in 24 hours

SHIB

As a seasoned analyst with years of market observation under my belt, I find myself quite intrigued by the current state of Shiba Inu [SHIB]. The 12% surge in just 24 hours and its aim to reclaim April’s low is nothing short of impressive, especially considering Bitcoin’s relatively subdued performance during the same period.

On September 26th, there was a significant increase in the price of Shiba Inu [SHIB], resulting in a 12% rise. This surge has further boosted its monthly growth to an impressive 35%.

This remarkable performance eclipsed even Bitcoin [BTC], which posted 2% on the daily charts and remained quiet overall.

Yet, the upward trend of SHIB encountered a significant barrier, leading us to ponder if buyers can surpass this obstacle and continue their advance.

SHIB at a crossroads

Based on the technical analysis indicators called Stochastic Relative Strength Index (Stochastic RSI) and Regular Relative Strength Index (RSI), there have been signs of increasing demand or ‘bullish’ signals for Shiba Inu (SHIB) in the recent daily market charts. This suggests a significant buying pressure for SHIB over the past few days.

On the other hand, they signaled that the asset might be overbought, suggesting a possible price change. Despite this bearish indication, the overall market trend remains bullish, implying that the upward trend may persist.

If it turns out to be the case, late bulls might consider re-entering the market following a breakout or retest above the resistance levels at approximately $0.000001763 (as indicated by the white line) or $0.000018 (which is the April low).

The bullish target would be the 200-day Moving Average (MA) at $0.000020. The bullish target would offer 15% or 11% potential gains based on the two entry positions.

If the price of Shib closes daily at less than $0.000017, it would contradict the previously mentioned bullish prediction. In this case, Shib might experience a slight dip to around $0.000015.

SHIB investors on risk-on mode

1 Investors in Shiba Inu (SHIB) continued to adopt a optimistic stance, which was reinforced by successive daily increases in investment for two consecutive days, signaling a common belief in a bullish outlook.

According to Coinglass data, there was an influx of approximately $9.1 million into Shiba Inu (SHIB) on Thursday. Additionally, the spot market showed significant demand for SHIB on Wednesday, with about $4.7 million flowing in daily.

SHIB could edge higher if the strong demand from the spot market extends.

A similar bullish sentiment was also prevalent on the derivatives side. Notably, Open Interest (OI) rates were up 26%, with more liquidated short positions than longs.

Read Shiba Inu [SHIB] Price Prediction 2024-2025

This showed that speculators in the Futures market expected more price appreciation for SHIB.

Conversely, a sudden drop in Bitcoin’s recent growth could halt Shiba Inu’s upward trend and call into question its bullish outlook.

2024-09-27 05:11

SHIB at a crossroads

SHIB investors on risk-on mode

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