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SHIB stalls near June high — Late bulls can bid here

2min Read

SHIB has been stalling near June high in the last few days. If the trend repeats, long trade ideas are feasible at these levels…

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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

  • SHIB was an outlier, firmly bullish in an overall market slump. 
  • SHIB consolidates gains near the June high of $0.00000874. 

Despite the overall market slump, Shiba Inu [SHIB] has maintained a bullish outlook. The memecoin’s recovery from mid-June has offered +55% gains as SHIB bounced from <$0.00000550 to June high near $0.00000874. 

Is your portfolio green? Check out the SHIB Profit Calculator 

The attempt to reclaim the June high tipped SHIB to foray into a previous May price range of $0.00000846 – $0.00000903. However, the memecoin hasn’t firmly held on the range-low in the past few days and could offer buying opportunities at these levels if the trend continues. 

Is a retest on the range-low likely?

Source: SHIB/USDT on TradingView

The recent recovery’s primary roadblock was the December low, which aligned with the bullish order block (OB) of $0.00000785 – $0.00000824 (cyan). But the bullish price action flipped the block to a bullish breaker and retested it as support. 

The next obstacle is June’s overhead resistance and the bearish OB of $0.00000878 – $0.00000918 (red). So far, price action has retested the level as resistance once, prompting SHIB to breach the previous range-low. 

Below the previous range-low, $0.00000846, is a confluence area of the three price levels. It comprises a bullish breaker ($0.00000785 – $0.00000824, cyan), a price imbalance/Fair Value Gap (FVG) ($0.00000785 – $0.00000813, white), and trendline support (orange). 

The above confluence area has been a solid bullish zone in the last few days, offering bulls stealth re-entry for long positions. If the trend continues, there are two possible long trade ideas. 

The first idea is going long upon a retest of the previous range-low ($0.00000846), targeting $0.00000878. Secondly, going long upon a retest of the above bullish zone ($0.00000785 – $0.00000824), targeting the recent high of $0.00000878. 

A breach below the trendline support and FVG will invalidate the bullish ideas. So, the exit target will be the December low of $0.00000800 or lower based on the trader’s risk averseness.

Bullish bias prevailed

Source: Cryptometer

A look at SHIB metrics on CryptoMeter reinforced a bullish inclination. For example, the readings at the time of writing indicated that buy volume was dominant at >54% as market buy orders increased within the last 24 hours. 

How much are 1,10,100 SHIBs worth today? 

A similar bullish sentiment prevailed in the futures market. According to Coinglass, SHIB’s volume surged by over 99% while Open Interest rates increased by >25% in the last 24 hours. It shows shorting the asset was risky.

So, waiting for a retest of the previous range-low or the confluence area for long-entry positions could be more reasonable. 


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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