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Analysis

Shiba Inu price prediction: Why a SHIB recovery could take time

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Given the proximity of market prices to a magnetic zone, a move higher is likely. But, will it last?
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Shiba Inu bulls embark on a mission to break the two-month downtrend, can they succeed?
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  • Shiba Inu has a bearish internal structure due to the ongoing retracement.
  • A move higher is anticipated but it would likely fall short of a bullish breakout.

Shiba Inu [SHIB] bulls were trying to establish an uptrend for the memecoin but have not yet succeeded. The buying volume has been minimal despite the Bitcoin [BTC] rally. This suggested investors might have to wait for capital rotation from BTC and ETH into memes.

However, the performance of  Pepe [PEPE] and Bonk [BONK] easily outstripped SHIB’s over the past week or two. The Shiba Inu social metrics suffered and Shibarium transactions were down by 97%.

Shiba Inu is beginning to turn things around

Shiba Inu 1-day Chart

Source: SHIB/USDT on TradingView

Since mid-April, Shiba Inu has slowly set a series of higher lows. However, the lower high at $0.0000282 from the 21st of April was not breached.

Therefore, even though the higher timeframe price trend was bullish, the token had a bearish internal structure after the March pullback.

The RSI on the daily chart poked its head above neutral 50 a week ago and has stayed there. This was an early sign that bullish momentum was gaining strength and the trend might shift.

Conversely, the OBV, like the price, was unable to breach a resistance level. This would be crucial for the continued bullish progress of Shiba Inu. As things stand, it was more likely for the memecoin to consolidate than to rally higher.

The internal structure could be flipped bullishly soon

Shiba Inu Liquidation Heatmap

Source: Hyblock

The cluster of liquidation levels above the current market prices extended to the $0.00003 level. This area has served as resistance since early April.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

Given the proximity of prices to this magnetic zone, a move higher is anticipated.

Hence, traders can use this move to realize profits or exit positions. However, unless the $0.0000282 level holds as support, investors could wait before buying.

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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