- Shiba Inu has a bullish structure but is stuck below a five-month resistance.
- The daily RSI showed momentum was bullish as well.
As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current situation with Shiba Inu [SHIB] is an interesting one. Despite its bullish structure, SHIB is stuck below a five-month resistance at $0.0000205. However, the daily RSI shows momentum is bullish, which could potentially lead to a breakout.
At the $0.0000205 level, Shiba Inu [SHIB] found itself halted by a resistance band. Previous examination indicated that Shiba Inu maintained a positive momentum after escaping from its wedge formation, suggesting a bullish trend.
As an analyst, I’ve noticed a steady increase in buying interest for SHIB. If we manage to breach the highlighted five-month resistance, it could trigger a robust bullish trend.
Shiba Inu price prediction- at least 40% gains ahead?
Between late February and early March, Shiba Inu experienced a remarkable surge of 389% within just ten days. However, this was followed by continuous selling pressure and a general negative mood in the crypto market during the summer, causing the meme token to slide into a prolonged downward trend.
Currently, the $0.0000155 area has functioned as a support zone since mid-September. The overall structure on the daily chart remains optimistic, with the On Balance Volume (OBV) showing higher lows over the past five weeks.
This demonstrates an accumulation of buying power, however, it does not indicate an instant breakout. A robust Dogecoin (DOGE) could potentially trigger movement or a news item related to memes might cause Shiba Inu (SHIB) to surge past $0.0000205.
Magnetic zone overhead hints at high chances of a retest
As a crypto investor, I recently came across an interesting finding from AMBCrypto’s analysis. They looked back over the past month and found a concentration of liquidity around 0.00002 in the liquidation heatmap, with peaks extending up to 0.0000207. Given that this level is quite close to the current market price of Shiba Inu tokens, it seems the short-term price prediction for Shiba Inu is leaning towards a bullish trend.
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It seems a surge of this grouped liquidity might happen quite soon, yet it’s unclear if it will trigger a burst through current levels. To achieve that, increased buying activity and a change in market sentiment are needed.
Traders should be cautious about potential massive increases similar to those seen in February this year. If the price surpasses $0.0000205, the next likely goal, 40% above that, would be approximately $0.0000295.
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2024-11-07 20:22