- Alas! The Shiba Inu hath found itself in a bearish structure upon the daily canvas of time.
- With nary a hint of buying pressure and a veritable build-up of liquidation levels, it appears our dear memecoin may linger within its current confines this week.
It was but ten days past that the Shiba Inu [SHIB] seemed to have made a gallant break into bullish territory upon the 4-hour chart. Yet, as fate would have it, this break has since faltered, and the price hath revisited its local lows not once, but twice! In its stead, a lower timeframe range formation hath emerged, reflecting Bitcoin’s [BTC] own indecisiveness upon the charts. How delightfully tragic! 😅
Shiba Inu poised for a most curious consolidation
The chart of one day revealed a swing structure most decidedly bearish. A price movement beyond the recent lower high of $0.0000196 would be requisite to alter this dismal structure. Yet, as it stands, there appears to be no evidence that such a move shall grace us with its presence anytime soon.
A local support zone hath been established at $0.0000147, and further south, the $0.0000128-level hath proven to be a significant bastion of support since September 2024. How quaint! 🏰
At this very moment, the daily RSI remains in a bearish state with a reading of 40. The OBV hath climbed higher after its early February tribulations, indicating a modicum of buying pressure. Yet, alas, this is insufficient to compel our memecoin to reach new heights. Such a pity! 😩
The range formation is most evident upon the 4-hour timeframe. What was once perceived as a structure break (marked in orange) hath merely delineated the local highs at $0.000017. The mid-range level at $0.0000157 hath emerged as a key short-term resistance, much to the chagrin of hopeful traders.
Moreover, the RSI remains in a bearish disposition upon the 4-hour chart, having languished below 50 for the past week. A movement above 50, coupled with a transformation of the mid-range resistance into support, could permit traders to embark upon a long journey – targeting the local resistance at $0.0000168. How thrilling! 🎉
The liquidation heatmap of the preceding month hath underscored the range formation. It hath revealed two liquidity clusters around $0.0000145 and $0.0000176, levels just beyond the extremes of the range marked upon the 4-hour chart.
The accumulation of liquidation levels at these prices doth imply that the price is likely to gravitate towards one, then the other, in the days to come. Thus, a retest of $0.0000145 would present a most opportune moment for purchase, whilst the $0.0000175-level would serve as a target for profit. How delightfully strategic! 🤑
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2025-02-23 01:13