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Shiba Inu eyes range highs, but…

2min Read

SHIB shows sign of short-term recovery after BTC moves. Here are the key levels bulls have to worry about.

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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.

  • H4’s structure was bearish at press time. 
  • Ongoing liquidity squeeze could affect a strong rebound. 

Shiba Inu [SHIB] has been in a tight consolidation range since 10 June. The range formation followed a sharp drop and retest of two-year lows near $0.00000543. 


Read Shiba Inu [SHIB] Price Prediction 2023-24


In the past few days, there was a renewed interest in the meme-coin after Bitcoin [BTC] rallied to $26k, up from $24k. But any faltering at $26.6k resistance for BTC could make SHIB’s range high a key obstacle for near-term bulls. 

Besides, Shiba Swap, a native DEX (Decentralized Exchange) for SHIB saw a decline in TVL (total locked value) from $25 million on 1 June to about $21 million at the time of writing. It highlighted the liquidity squeeze and lack of investors’ interest in adding more volume to SHIB’s projects. 

Can SHIB clear the range-high hurdle?

Source: SHIB/USDT on TradingView

SHIB has been oscillating between $0.00000651 and $0.00000698 for the past seven days. At press time, price action retested the range high of $0.00000698, which aligned with the pocket within the 23.6% – 38.2% Fib levels. The Fib tool was based on the May swing high and June swing low. 

The RSI (Relative Strength Index) climbed above the 50-mark but eased near 60 after hitting the range high ($0.00000698). Similarly, the CMF (Chaikin Money Flow) has stayed above the zero mark for a while, indicating positive capital inflows into SHIB. 

But the H4’s market structure was still bearish at the time of writing. A close above the range high could flip the structure to bullish. But bears could form a strong defence at 38.2% Fib level ($0.00000725) or $0.00000748. 

Also, a price rejection at the range high ($0.00000698), especially if BTC falters at $26.6k, could set SHIB to retest the range low of $0.00000651. 

Supply on exchanges dipped; sentiment remains negative

Source: Santiment


How much are 1,10,100 SHIBs worth today


The mild recovery from 11 June corresponded with a slight uptick in volume and improved sentiment. It means demand and investors’ confidence improved.

Similarly, the short-term selling pressure eased, as indicated by a dip in supply on exchanges. But the sentiment was still negative, and volumes were muted at the time of writing. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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