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Shiba Inu: Reason to expect an 18% price hike is…

2min Read

Shiba Inu’s market structure on the 12-hour chart was bullish, but the internal structure remains bearish.

Shiba Inu: Should you get ready for an 18% price rise?

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  • Shiba Inu reclaimed a support zone that had been in place since mid-March.
  • The increased buying pressure could see the token begin its recovery.

Shiba Inu [SHIB] was trending downward in the lower timeframe charts over the past month.

Yet, with Bitcoin [BTC] trading within a range and showing signs of consolidation after the halving, altcoins could see added volatility.

The reduced correlation between Shiba Inu and Bitcoin could help the bulls enforce a recovery.

Retest of the former support could set the next direction

SHIB 12-hour Chart

Source: SHIB/USDT on TradingView

The market structure on the 12-hour chart was bullish, but the past month’s pullback meant that the internal structure remained bearish.

SHIB was unable to make a recovery, facing resistance at the 50% Fibonacci retracement level.

Unless it can climb above $0.0000275 and $0.0000295, a bearish short-term bias was justified. In the meantime, the attempts at recovery appeared to have some legs.

The CMF was above +0.05 and signaled heavy capital inflow and buying pressure. The RSI on the 12-hour chart was at 47 at press time, but briefly rose above neutral 50 in recent days.

This could be a precursor to a move higher.

Network-wide accumulation was a huge positive

Shiba Inu Santiment

Source: Santiment

The 30-day MVRV ratio has been negative for most of April. This showed holders were at a loss and a lack of conviction. Also, the mean coin age has trended firmly upward in the past six weeks.

Together with the MVRV, it signaled a good buying opportunity. The Weighted Sentiment was also positive in the past few days, highlighting a sentiment shift in favor of the bulls.

Realistic or not, here’s SHIB’s market cap in BTC’s terms

At press time, SHIB was trading at $0.00002486. The short-term technical outlook remained bearish, but traders must be prepared for a move higher.

A wave of selling in the Bitcoin market could still drag Shiba Inu and other altcoins lower.

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


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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