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SHIB: Bulls continue to defend December lows

2min Read

SHIB continues to defend the December low of $0.00000779 and could continue doing so if BTC stays above $27k.

SHIB: Bulls continue to defend December lows

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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.

  • Bulls have defended December lows since the mid-August dump.
  • However, Open Interest rates remained muted below $20 million.

Shiba Inu [SHIB] maintained its price consolidation above the December low of $0.00000779 since the mid-August dump. The move helped SHIB prevent more losses after shedding over 20% in two consecutive weeks between 14 and 28 August. 

Is your portfolio green? Check out the SHIB Profit Calculator 

However, SHIB was poised to end August in the red on monthly performance. But bulls outright defend on the December low could continue if Bitcoin [BTC] traverses this path.

December low could continue to hold if BTC traverses this path

Source: SHIB/USDT on TradingView

Although BTC’s pump and subsequent move above $27k on 29 August improved market sentiment, the altcoin market didn’t register a substantial move. BTC pumped +6%, while SHIB gained only 1.8% on the same day. 

But the mild pump was rejected at the previous May low of $0.00000846. SHIB has been oscillating above the December low ($0.00000779) since mid-August, with the May range-low as an immediate resistance. 

At the time of writing, BTC’s pump had waned and retraced to May mid-range near $27k. If it defends the mid-range as support in the next few hours/days, SHIB could also continue to defend the December low. 

The bearish breakout from the above range could set SHIB to grace the $0.00000698 support. 

Meanwhile, the RSI improved briefly but retreated below the 50-median, illustrating muted buying pressure. The CMF also moved sideways near zero, demonstrating stagnated capital inflows, reinforcing the neutral thesis.  

Open Interest rate muted too

SHIB price analysis

Source: Coinglass

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

A look at the demand on the derivative side showed a muted action, too. The Open Interest (OI) rates remained below $20 million from 22 August – over a week. It reinforces a stagnant demand in the futures market, a neutral bias. 

However, the liquidations data showed more longs were liquidated across all timeframes in the past 24 hours before publication. The trend suggests a solid short-term bearish bias, but a BTC drop below $27k could confirm such an inclination. 


Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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