Mapping Shiba Inu’s price prediction as SHIB rallies 12% in 24 hours
SHIB's extra gains were likely if THESE roadblocks were cleared.
- SHIB gained 12% in 24 hours and aimed to reclaim April’s low.
- Strong spot demand and bullish sentiment boosted the rally.
Shiba Inu [SHIB] recorded a sharp upswing on the 26th of September, posting 12% gains and extending its monthly recovery to 35%.
This remarkable performance eclipsed even Bitcoin [BTC], which posted 2% on the daily charts and remained quiet overall.
However, the SHIB’s upswing retested a key hurdle, which begs the question: Can bulls mount above the roadblock and push forward?
SHIB at a crossroads
The stochastic RSI and RSI flashed bullish signals on the daily chart, underscoring a strong buying pressure for SHIB in the past few days.
However, they also indicated overbought conditions, which often signal a potential price reversal. Given the bullish market structure, the uptrend momentum could continue.
If so, late bulls could seek re-entry after breakout or retest above the resistance at $0.000001763 (marked white) or $0.000018 (April low).
The bullish target would be the 200-day Moving Average (MA) at $0.000020. The bullish target would offer 15% or 11% potential gains based on the two entry positions.
That said, a daily candlestick close below $0.000017 would invalidate the above bullish thesis. SHIB could front a pullback to $0.000015 in such a muted scenario.
SHIB investors on risk-on mode
SHIB investors’ risk-on mode further supported the shared bullish thesis, as denoted by consecutive daily net inflows for two days straight.
Per Coinglass data, SHIB saw $9.1 million in net inflows on Thursday. Spot market demand was also strong on Wednesday, as seen by a $4.7 million daily inflow.
SHIB could edge higher if the strong demand from the spot market extends.
A similar bullish sentiment was also prevalent on the derivatives side. Notably, Open Interest (OI) rates were up 26%, with more liquidated short positions than longs.
Read Shiba Inu [SHIB] Price Prediction 2024-2025
This showed that speculators in the Futures market expected more price appreciation for SHIB.
However, any sharp reversal of recent BTC gains would stall SHIB’s uptrend and invalidate the bullish thesis.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
