Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The August price slump was stopped at the December 2022 low.
- Buyers gained market control, but a solid recovery remained elusive.
Shiba Inu [SHIB] bulls came out to defend the December low of $0.00000779 and stopped the August dump. But Bitcoin [BTC] was yet to show signs of recovering August losses, which could complicate SHIB recovery efforts too.
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What’s next for SHIB?
SHIB rallied about 40% in the first half of August, setting it to hit April levels of $0.000011. A sharp reversal in the second half of August cleared all the gains.
However, the drop eased at the confluence of the December low ($0.00000779) and the previous resistance zone of $0.00000785 – $0.00000824 (white).
The RSI wavered below the median 50-mark in the second half of August, demonstrating a dip in buying pressure. In addition, the CMF was below the zero level, denoting massive capital inflows over the same period.
If BTC records more losses in the next few days/weeks, SHIB could crack the $0.00000785 – $0.00000824 support zone. Southbound, the next supports are $0.00000750 and $0.00000698.
Conversely, bulls must clear the hurdle and confluence of an invalidated bullish OB $0.00000876 – $0.00000948 (cyan) and May range-high ($0.00000903) to push higher.
But before that, bulls must also de
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Author: Benjamin Njiri
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