Analysis
SHIB reclaims December lows – Are more gains likely?
SHIB faced a crucial roadblock at $0.00000846. Can it clear and post more gains?
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.
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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
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
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.
