Connect with us
Active Currencies 14363
Market Cap $2,744,768,368,838.70
Bitcoin Share 50.94%
24h Market Cap Change $8.32

SHIB reclaims December lows – Are more gains likely?

2min Read

SHIB faced a crucial roadblock at $0.00000846. Can it clear and post more gains?

Share this article

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

  • SHIB’s immediate hurdle was a breaker blocker and previous range-low.
  • Liquidation data showed the memecoin could defend $0.0000077.

Since the sharp rebound on 19 October, Shiba Inu’s [SHIB] recovery posted +22% gains based on a press time value of $0.0000080. The upswing tipped the memecoin to reclaim a crucial December 2022 low of $0.00000779 but also faced other key overhead hurdles. 


Is your portfolio green? Checkout the SHIB Profit Calculator 


AMBCrypto captured SHIB’s initial rally on 19 October. The extended recovery has cleared some key hurdles, but some sticky ones are yet to be surmounted by bulls. 

Key hurdles to consider

SHIB

Source: SHIB/USDT on TradingView

Throughout September, SHIB’s extra upswing had been suppressed by the previous resistance zone and daily bearish order block above $0.00000755 (white). The October rally flipped the hurdle into support and mounted above the December low of $0.00000779. 

At press time, the upswing hit another obstacle that contained a previous range-low of $0.00000846 and a daily bearish OB of $0.00000804 – $0.00000846 (red). Extra bullish momentum above the hurdle could reinforce the bulls’ market edge. 

However, a bearish reversal could ease at the December 2022 low or the white area above $0.00000755. The latter was also a liquidity zone on the 12-hour chart. 

Meanwhile, buying pressure and capital inflows were substantial, as shown by the positive RSI and CMF. 


How much are 1,10,100 SHIBs worth today


The $0.0000077 was a high liquidation level

SHIB

Source: Hyblock

Hyblock’s Liquidation Heatmap marked out the high liquidation level of $0.0000077 (yellow). There were also medium liquidation levels around $0.0000078 and $0.0000079 on the lower side. So, an extended pullback could drop toward $0.0000077 for a liquidity hunt. 

On the upper side, the medium liquidation level was $0.0000083, a crucial overhead hurdle on the charts. SHIB’s extra rally could be challenged in the area. But a bullish BTC can pull it above the hurdle, especially a move beyond $35k.

Share

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.
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.