Analysis
SHIB takes BTC’s lead, moves sideways – Investors can look out for these levels
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- BTC and SHIB formed a sideways market structure into the weekend.
- Hodlers’ gains fluctuated but could improve if BTC reclaims $25K.
Shiba Inu [SHIB] traded within a range into the weekend. It followed Bitcoin’s [BTC] lead as king coin consolidated within $25K – $24.42K in the same period.
At the time of writing, BTC was moving towards $25K but must deal with the bearish order block at $24.82K on the three-hour chart. SHIB could follow suit too.
Read Shiba Inu [SHIB] Price Prediction 2023-24
SHIB’s trading range: Is a breach likely?
Source: SHIB/USDT on TradingView
SHIB rallied after the release of the U.S. CPI data but faced price rejection at the $0.00001400 level. It shrunk by about 9% and found steady ground below the 38.2% Fibonacci retracement level on Friday.
But its recovery has been forced into a trading range of $0.00001300 – $0.00001341 into the weekend.
As such, investors can target the upper and lower end of the range for gains as long as BTC consolidates within the $25K – 24.42K range.
Short-term bulls could aim at $0.00001341 for gains. However, SHIB could surge to $0.00001400 if BTC swings above the $25K level.
How much are 1,10,100 SHIBs worth today?
On the other hand, short-sellers could target the 61.8% and 50% Fib levels for shorting opportunities whenever SHIB faces rejection at $0.00001341 and moves southwards.
Alternatively, SHIB could drop below the 50% Fib level of $0.00001299 if BTC falls below $24.42K.
The Relative Strength Index (RSI) on the three-hour chart moved sideways along the mid-level. It shows the market structure was neutral and could move in either direction depending on BTC’s price action. Thus caution is advised.
Investors were bearish on SHIB; short-term holders’ gains fluctuated
Source: Santiment
Investors were bearish on the meme coin, as shown by the negative weighted sentiment. In addition, supply out of exchanges dropped, showing that there was limited demand for the meme coin at the time of writing. Such a trend could tip bears to target the lower trading range boundary of $0.00001300.
The sideways market has seen short-term holders’ gain drop and fluctuate into the weekend, as evidenced by the 30-day MVRV (Market Value to Realized Value) ratio. But holders’ profits could improve if BTC surges above $25K.
