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

by

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.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

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!

Read More

2025-02-17 04:26