- SHIB USDT 1-hour chart is looking bullish, like a puppy chasing its tail, rebounding from a strong support level at $0.012833.
- SHIB’s bullish outlook is supported by more factors than a rabbi at a buffet!
Shiba Inu [SHIB] is still the belle of the ball, attracting traders like moths to a flame, with market signals hinting at a price recovery that could make your grandma’s matzo ball soup look bland!
This token, famous for its community-driven antics, has been moving around like a hyperactive toddler, indicating a shift in momentum that even a blind squirrel could see!
Recent price trends, technical setups, and market positioning have aligned like the stars in a cheesy rom-com, setting the stage for a significant rebound that could make even the most stoic investor crack a smile.
And guess what? SHIB’s burn rate just surged by a jaw-dropping 5,440%! That’s right, folks! Millions of tokens are being removed from circulation faster than you can say “Shalom!”
This drastic cut in supply has traders more excited than a kid in a candy store, increasing scarcity and applying upward pressure on price like a sumo wrestler on a trampoline.
The burn, a community-led effort, not only reduced circulating tokens but also reinforced expectations of stronger demand—because who doesn’t love a good supply shortage?
As SHIB hovered around $0.012834, traders were more optimistic than a dog with two tails about a possible breakout, with the potential to reach higher price targets faster than you can say “to the moon!”
SHIB price movements and market setup
The SHIBUSDT 1-hour chart is reflecting a bullish setup, rebounding from a strong support level at $0.012833 like a rubber band on steroids.
This level is as important as a bagel in a New York deli, aligning closely with the 100% Fibonacci retracement of $0.012723.
The next target is at $0.013014 (61.8% Fibonacci), which seems as achievable as finding a parking spot in Manhattan, especially with the RSI at 33.87—indicating oversold conditions.
A breakout above $0.012927 (78.6% Fibonacci) could act as a launchpad, pushing SHIB toward $0.013150. This scenario suggests an emerging uptrend, provided buyers keep the momentum going like a train on a downhill track.
SHIB long and short positions
Moreover, the Long/Short Ratio is standing at 2.7940, signaling that long positions are outnumbering short ones like a bar mitzvah with too much cake. This data indicates rising confidence among traders regarding SHIB’s price movement.
Trading at $0.01287, down 0.53% within the hour, the sentiment remains as consistent as a New Yorker’s love for pizza, with support at $0.012833.
The combination of trader sentiment and market indicators supports the possibility of an extended rally toward $0.013150, showing that bullish sentiment has firm ground—like a good pair of shoes!
Market confirmation of the rebound
Further strengthening this outlook, the Bid/Ask volume imbalance stood at 144.048M vs. -109.632M, revealing a preference for buying that’s more obvious than a neon sign in Times Square.
Open Interest increased from $38.515M to $38.578M, highlighting growing interest at current price levels—like a hot bagel fresh out of the oven!
The rising Open Interest and a Long/Short Ratio of 2.7940 reinforce the bullish case. These signals point toward a move beyond $0.013014, potentially testing higher levels if demand remains steady—like a good Jewish mother’s love!
SHIB’s bullish outlook is supported by several converging factors. A 5,440% burn rate significantly reduced
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2025-03-09 09:51