Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SHIB’s immediate hurdle was a breaker blocker and previous range-low.
- Liquidation data showed the memecoin could defend $0.0000077.
Since the sharp rebound on 19 October, Shiba Inu’s [SHIB] recovery posted +22% gains based on a press time value of $0.0000080. The upswing tipped the memecoin to reclaim a crucial December 2022 low of $0.00000779 but also faced other key overhead hurdles.
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AMBCrypto captured SHIB’s initial rally on 19 October. The extended recovery has cleared some key hurdles, but some sticky ones are yet to be surmounted by bulls.
Key hurdles to consider
Throughout September, SHIB’s extra upswing had been suppressed by the previous resistance zone and daily bearish order block above $0.00000755 (white). The October rally flipped the hurdle into support and mounted above the December low of $0.00000779.
At press time, the upswing hit another obstacle that contained a previous range-low of $0.00000846 and a daily bearish OB of $0.00000804 – $0.00000846 (red). Extra bullish momentum above the hurdle could reinforce the bulls’ market edge.
However, a bearish reversal could ease at the December 2022 low or the white area above $0.00000755. The latter was also a liquidity zone on the 12-hour chart.
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Author: Benjamin Njiri
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