Shiba Inu’s Fate: To the Moon or Back to the Kennel?

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Oh, the drama of cryptocurrency! Our beloved Shiba Inu (SHIB) is once again under the microscope. The memecoin has been shedding tears (or is it coins?) with a series of losses. But, dear reader, fear not! For every cloud has a silver lining, or so they say.

  • A sea of red: The 1-day price chart is as gloomy as a rainy day in England. But, wait! The H4 chart is singing a different tune. Could it be a glimmer of hope?
  • Demand deficit: With a lack of demand, the 9% bounce in the past ten days might as well be a mirage. But, then again, who knows?

The recent withdrawal of 151.61 billion SHIB tokens from Coinbase, worth a staggering $2.41 million, is certainly an intriguing development. If sustained, it could be a sign of accumulation. Or, it could just be a dog taking its toys and going home.

Shiba Inu’s OBV: A Tale of Two Charts

The $0.00002 bullish breaker block has been flipped to resistance. The next support level is at $0.00001288, but the consolidation around $0.000016 in October 2024 is a demand zone to watch.

The On-Balance Volume (OBV) is below the lows from October, indicating intense selling pressure. The RSI is also below 50, confirming bearish dominance. But, then again, what’s life without a little drama?

On the H4 chart, the bullish market structure break is a breath of fresh air. The price has been making higher lows, and the OBV is slowly trending higher. Could this be the calm before the storm? Or, is it just a dog chasing its tail?

The liquidation heatmap shows potential short-term targets at $0.0000154-$0.0000157 and $0.0000174. But, remember, the market is as unpredictable as a Shiba Inu with a squeaky toy. So, traders, proceed with caution!

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2025-02-17 04:26