- Shiba Inu has a bullish structure on the daily timeframe.
- The order imbalance showed that a short-term price bounce was possible.
As a seasoned crypto investor with over five years of experience under my belt, I find myself intrigued by Shiba Inu’s [SHIB] current market structure. While it presents a bullish outlook on the daily timeframe, the recent fall below the $0.0000295 support level has added a bearish short-term bias to my perspective.
Over the last while, attempts by Shiba Inu [SHIB] to push beyond the resistance level established earlier in the year have been challenging. Yet, there’s been an uptick in on-chain activity. The TVL (Total Value Locked) for Shibarium has reached a record high and its Layer-2 solution has recently achieved a significant transaction milestone.
Is SHIB set to consolidate?
On a day-to-day basis, Shiba Inu (SHIB) exhibits a bullish trend in its market structure. The significant low at $0.0000266 on the 3rd of December has yet to be undercut by a daily closing price. Nevertheless, the Money Flow Index (MFI) has dropped from approximately 80 in early December to 61 as we speak.
It’s clear that despite the overall positive trend, the pace of investment and purchasing was weakening. Dropping below the $0.0000295 support level served to strengthen the near-term bearish outlook.
This key level has proven challenging since April, only being overcome in the latter part of November. Lately, bearish pressure has driven Shiba Inu bulls back below this level once more.
Between June and November, the zone marked as resistance at $0.00002, indicated by the red box, was repeatedly tested and held strong before eventually being broken. During October, SHIB accumulated below this resistance level, only to surge upward afterwards.
Prepare yourselves, Shiba Inu traders and investors, as there’s a strong likelihood that the upcoming weeks may present this scenario. The price range of $0.00003-$0.000037 has shown significant resistance since March. It might take some time to wear out the sellers in this particular zone.
Orders imbalance suggests a potential price bounce
At $0.000032 and extending up to $0.000035, there were significant orders to sell large quantities of the asset. Consequently, the price might struggle to rise above this price range, given it aligns with a resistance level that was also prominent during March’s market activity.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
The orders imbalance showed that sell orders were fewer within 10% of the price. This can be perceived as a short-term SHIB buying opportunity and could see a bounce toward the $0.00003 resistance zone.
The delta showed that buy and sell pressure were finely balanced in recent hours.
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2024-12-13 16:07