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SHIB’s higher timeframe market structure and price trend were in bearish favor.
The price can climb another 15% this week.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Shiba Inu (SHIB) over the past week and observed its impressive 15% price surge since the July 12th low. My technical analysis suggests that SHIB’s short-term market structure has turned bullish.
The price of SHIB, or Shiba Inu, surpassed its recent price range and has experienced a 15% increase since hitting a low on July 12th.
As a researcher, I’ve found that my investment in this asset has yielded better returns than PEPE ([PEPE]) within the short term. Furthermore, the on-chain data I’ve analyzed suggests that there is potential for even greater gains in the future.
As an analyst, I’ve noticed that the weekly trend for Shibas Inu (SHIB) often takes shape by the end of the first trading day of the week, Monday. To answer your question, let me provide you with my analysis based on recent market trends and price movements.
The trend breakout was telegraphed
A newly released report brings attention to SHIB‘s favorable short-term indicators, leading to a buy recommendation. Specifically, on the 6-hour price chart, there has been a session finish above the resistance level of $0.000017.
As a researcher studying the financial markets, I’ve observed some noteworthy trends in the Awesome Oscillator and Composite Moving Average (CMF) indicators. The Awesome Oscillator recently signaled a bullish crossover and has continued to climb higher, reflecting the increasing upward momentum in the market. Additionally, over the past week, the CMF has remained persistently above +0.04, which is an indication of strong buying pressure in the market.
As an analyst, I’ve been actively working on this project and the results are starting to show. Northward in the market, the supply zone ranging from $0.00002 to $0.000021 has emerged as a significant bullish milestone for us.
In simpler terms, the trend of the memecoin’s price movement on longer timeframes like daily and weekly charts has continued to decline since April.
Evidence that traders don’t believe in SHIB
As an analyst, I’ve examined the technical side of Shiba Inu (SHIB) and found signs pointing to a potential price increase. However, data from the futures market reveals that some traders are cautious about the coin’s momentum.
Despite the price increases, the Funding Rate showed a net payment due, while Open Interest remained unchanged during the weekend.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
In simpler terms, the chart indicating the process of closing losing positions with liquidations revealed that several short positions were terminated during the late hours of Sunday. This development could potentially lead to additional price increases.
Overall, the wider market disbelief might be turned into FOMO if Shiba Inu continues to climb.
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2024-07-16 00:07