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Shiba Inu stuck below 23.6% Fib level- What to expect next

2min Read

Shiba Inu’s [SHIB] technical indicators showed positive signals. However, a decisive reversal wasn’t recorded yet.

Shiba Inu stuck below 23.6% Fib level- What to expect next

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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

  • SHIB steadied slightly above its December lows of $0.00000779.
  • Strong positive capital inflows in the past few days – is it enough for a rebound?

Shiba Inu [SHIB] has witnessed low volatility on higher timeframe price charts in the past few days. Its price oscillated between $0.00000832 and $0.00000914 since 8 May amidst cut-throat competition from PEPE.  

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

In the meantime, there was a slight overall market sentiment improvement on 17 May after Bitcoin [BTC] reclaimed the $27k zone. This followed an optimistic tone on the U.S. debt ceiling talks that has caused jitter in the markets for the past few days.

Can SHIB reverse recent losses?

Source: SHIB/USDT on TradingView

Despite the recent price consolidation, the daily chart’s CMF and RSI have risen in the past few days. It shows increased capital inflows and buying pressure, respectively. 

The Fib retracement tool (multicolored) was placed between the Q1 swing high and December lows. If the trend persists and macro environment conditions continue to ease, SHIB could rally to the 23.6% Fib level of $0.00000967. 

The 23.6% Fib level held the plunge seen in February and mid-March. But it was breached in early May, exposing SHIB to more selling pressure. Therefore, bulls could gain leverage if they flip the 23.6% Fib level ($0.00000967) to support. 

However, a session close below $0.00000864 could sink SHIB to retest December lows of $0.00000779. Such a move will effectively clear all gains made so far in 2023. 

Aggregated CVD spot indicates …

Source: Coinalyze

How much is 1,10,100 SHIBs worth today? 

According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) spot on the 1-hour chart had declined for the past few days. This reinforces that sellers had the upper hand in the same period. A rising CVD spot will signal bulls gaining momentum and is worth tracking. 

However, liquidations data showed more long positions ($80k) wrecked than shorts ($9k) in the past 24 hours. It reinforces sellers’ edge, and traders should track BTC price action before making moves.


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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