Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Shiba Inu continued its decent short-term recovery, as it hit the $0.000007 price level
• Selling pressure persisted, but bullish conviction remained strong

Shiba Inu [SHIB] continued its gentle recovery from the $0.000006 price zone. Memecoins have seen low interest in recent times and this has been reflected in low trading volumes for Shiba Inu since early September.

Realistic or not, here’s SHIB’s market cap in BTC terms

AMBCrypto’s previous analysis on 15 October highlighted the possibility of a recovery for SHIB, based on the price action. This projection was validated with the memecoin posting a series of bullish candles on the lower timeframes.

With Bitcoin [BTC] leading the bullish charge over the past week, SHIB traders could turn the short-term recovery into a long-term bullish move.

Buyers show good bullish signs, but need more momentum

The daily timeframe underlined the growing bullish recovery with three bullish candles in a row. This was reflected by the Relative Strength Index (RSI) hitting the neutral-50 to suggest an equilibrium between buying and selling pressure.

Furthermore, the stability of the daily trading volume, as shown by the On Balance Volume (OBV), was good news for buyers. However, a sustained long-term bullish rally would need the trading volume to rise significantly.

With the price trading at $0.000007 as of press tim

Go to Source to See Full Article
Author: Emmanuel Musa

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details