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Analysis

Shiba Inu price prediction: Why a 40% hike could be closer than you think

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The market structure on the daily chart is still bullish, and the OBV has made higher lows in the past five weeks.
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Shiba Inu price prediction- Bulls move closer to a breakout
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  • Shiba Inu has a bullish structure but is stuck below a five-month resistance.
  • The daily RSI showed momentum was bullish as well.

Shiba Inu [SHIB] was stuck beneath a band of resistance at the $0.0000205 region. An earlier analysis showed that Shiba Inu retained a bullish outlook following the breakout from its descending wedge pattern.

The buying pressure behind SHIB has slowly been rising. A breakout past the highlighted five-month resistance should yield a strong bullish move.

Shiba Inu price prediction- at least 40% gains ahead?

SHIB 1-day Chart

Source: SHIB/USDT on TradingView

In late February and early March, Shiba Inu rallied by 389% in ten days. Since then, the steady selling pressure and the market-wide bearish sentiment in the summer saw the meme coin enter an extended downtrend.

As things stand, the $0.0000155 region has been a support zone since mid-September. The market structure on the daily chart is still bullish, and the OBV has made higher lows in the past five weeks.

This showed a build-up of buyer strength but did not signal a breakout would occur immediately. A strong Dogecoin [DOGE] may move or a meme-related piece of news would drive a SHIB breakout beyond $0.0000205.

Magnetic zone overhead hints at high chances of a retest

Shiba Inu Liquidation Heatmap

Source: Coinglass

AMBCrypto found that the 1-month lookback period liquidation heatmap has a cluster of liquidity around $0.00002, reaching up to $0.0000207. Its proximity to the token’s market prices meant that the short-term Shiba Inu short-term price prediction is bullish.

Is your portfolio green? Check the Shiba Inu Profit Calculator

A sweep of this liquidity cluster is likely to occur soon, but whether it will result in a breakout remains to be seen. More buying volume and a sentiment shift would be necessary.

Traders must watch out for the kind of explosive gains that occurred earlier this year in February. Beyond $0.0000205, the $0.0000295 level 40% higher is the next target.

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

 

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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