Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The previous low of $0.00000739 was a key level for lower-timeframe players.
- The Open Interest rate was up 16% at press time, but bulls didn’t have leverage yet.
Shiba Inu [SHIB] reversed about half of the +9% losses incurred between 8 September and 11 September as of press time. The memecoin dipped to $0.00000695 amidst an extended bearish pressure over the last weekend (8-10 Sept). Although SHIB reclaimed the crucial H12 bullish order block (OB) of $0.00000713 – $0.00000727 (cyan), a key hurdle curtailed further upside.
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Can SHIB bulls bypass the $0.00000739 hurdle?
The $0.00000739 level was a previous lower low on 4 September. The level was breached alongside the H12 bullish OB of $0.00000713 – $0.00000727 (cyan), extending SHIB’s drop to $0.00000695.
At press time, bulls had reclaimed the H12 bullish OB but were yet to close above the $0.00000739 level, making it a sticky hurdle. It has led to two price rejections, but the drop hasn’t gone below the H12 bullish OB.
Ergo, bulls could see a 5% gain if the H4 market structure is flipped to a bullish bias by closing above the $0.00000739 level. Even so, bulls must clear another roadblock and daily bearish OB of $0.00000758 – $0.00000766 (white) to realize the 5% potential gains.
Meanwhile, the RSI has failed to cross the median 50 mark while the CMF headed southwards below the zero mark. It underscores weakened buying pressure amidst declining capital inflows.
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Author: Benjamin Njiri
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