Analysis
Shiba Inu price prediction: Why a 40% hike could be closer than you think
The market structure on the daily chart is still bullish, and the OBV has made higher lows in the past five weeks.
- 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?
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
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.
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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
