Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Shiba Inu showed a bounce was likely, but whether a range formation would follow such a bounce was unclear.
- The demand and sentiment were not yet strong enough to warrant expectations of a move toward $0.00001- but this could change.
Shiba Inu [SHIB] fell 32% from 14 August to 17 August to reach a higher timeframe support zone. While the meme coin did find some demand in that area, the lower timeframe price charts showed that the bears were dominant.
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To change this, a large influx of demand was required. The past few days saw a minor bounce from the aforementioned demand zone, which could be driven by news of the heightened burn rate.
Can SHIB buyers succeed in shifting the market structure?
Highlighted in orange at $0.00000871 was the recent lower high that SHIB posted. On the 2-hour chart, this was the level to beat for the market structure to flip bullishly. Yet, the $0.00000846 (white) higher timeframe resistance would likely impede the buyers’ efforts.
The 12 hours before press time saw Shiba Inu bounce by 9.27%. The OBV has climbed slightly, and the RSI breached the neutral 50 mark to denote bullish momentum. Hence, the evidence supported a move further higher to the $0.00000871 level.
A rejection from that level would indicate a range formation was the likely scenario to unfold, w
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Author: Akashnath S
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