Connect with us
Active Currencies 16626
Market Cap $3,455,408,392,380.00
Bitcoin Share 54.34%
24h Market Cap Change $-0.97
Shiba Inu

‘Range bound’ Shiba Inu could set these short-term price targets

2min Read

$0.00002117 and $0.00002312 levels were the nearby high leverage liquidation clusters for the memecoin.
Posted:
Avatar
Journalist
'Range bound' Shiba Inu could set these short-term price targets
Avatar
Journalist
Posted:

Share this article

  • Lowered trading volume showed indecisiveness in the market
  • The $0.0000247 range high would be a viable price target for the coming days

At press time, Shiba Inu [SHIB] reflected bearish momentum, but the lowered trading volume in recent weeks meant market participants were wary. The bulls were weak, but the bears did not exert much influence in recent days either.

The memecoin seemed to be poised to move either way, depending on Bitcoin’s [BTC] trend. A drop below the nearby bullish breaker block could usher in a downtrend towards $0.000017 or lower.

Shiba Inu more likely to climb towards local highs, than fall lower

Shiba Inu 1-day Chart

Source: SHIB/USDT on TradingView

Shiba Inu appeared to form a short-term range between $0.0000211 and $0.0000246. The lows of the range coincided with a bullish breaker block on the daily timeframe from June 2024. The range formation around the crucial 61.8% retracement level did not indicate bullishness on the higher timeframes.

The trading volume has been dwindling over the past three weeks. During that time, SHIB has meandered about the $0.00002325-level and formed a range. The lowered volume suggested participants have been waiting for the next strong trend before making a move.

The RSI on the daily was below neutral 50, showing bearish momentum was in control. The OBV has not made lower lows in the past three weeks. This was not a bullish finding, but since it did not show bears were dominant, it offered buyers some hope.

Nearby liquidation clusters highlight short-term trouble areas

Shiba Inu Liquidation Map

Source: Coinglass

The liquidation map outlined two trouble areas for SHIB traders. The $0.00002117 and $0.00002312 levels were the nearby high leverage liquidation clusters. They roughly lined up with the range lows and the 61.8% Fibonacci retracement level.

Read Shiba Inu’s [SHIB] Price Prediction 2025-26

A push to either level would be decision time for the memecoin. Based on the volume and prevalent market sentiment, a breakout beyond these two regions might or might not occur. Based on the technical evidence at hand, a push northward beyond $0.00002312 and to the range highs at $0.00002464 can be expected.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.