Connect with us
Active Currencies 13972
Market Cap $2,431,730,143,296.43
Bitcoin Share 51.44%
24h Market Cap Change $-1.19

SHIB’s pullback eases at this key level – Will it hold?

2min Read

SHIB saw some short-term accumulation. But bulls should be cautious near the December low/previous range-high.

SHIB’s pullback ease at this key level - Will it hold?

Share this article

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

  • SHIB’s H4 and D1 market structures were bearish at the time of writing.
  • There was short-term accumulation as per on-chain metrics data provider Santiment.

Bitcoin [BTC] has been holding above $30,000 a week since 21 June. However, its short-term fluctuations above $30k have set most altcoins into massive pullbacks. In particular, Shiba Inu [SHIB] retraced 16%, dropping from $0.00000846 to $0.00000704. 


Is your portfolio green? Check out the SHIB Profit Calculator 


Investors look forward to further upside with BTC firmly above $30k. While the sentiment could likely bolster SHIB for extra gains, what’s its short-term prospect? Let’s explore the 4-hour chart for cues. 

Will the $0.00000704 support hold?

Source: SHIB/USDT on TradingView

Although SHIB’s price action climbed above the December low of $0.00000784 briefly, the subsequent retracement has flipped the H4 market structure to bearish. Similarly, the daily chart was bearish, but both structures could flip bullish if SHIB mounts above $0.00000850. 

Notably, the $0.00000833 was a previous range-low, and it then turned to resistance. So, if the short-term support of $0.00000704 holds the retracement, SHIB could rally towards the region of hurdle between the December 2022 low and previous range-high ($0.00000784 – $0.00000833). If they clear the above hurdle, SHIB bulls could focus on the $0.00000920 level. 

But further structure weakening will be confirmed if the $0.00000704 support gives away. Such a crack could make a retest of $0.00000650 inevitable. 

The RSI has eased close to the oversold zone, emphasizing a decline in buying pressure in the past few days. Also, the OBV edged lower, further confirming muted demand for the memecoin in the same period. 

Negative exchange flow balance means …

Source: Santiment

According to Santiment, SHIB’s Exchange Flow Balance was negative and stood at -15.4 billion at the time of writing, meaning more tokens left exchanges than moved in. That’s a sign of short-term accumulation. The trend was further confirmed by the spikes in Supply Outside of Exchanges. So, the $0.00000704 support could hold if the trend persists. 


How much are 1,10,100 SHIBs worth today


Even the weighted sentiment, although negative, registered massive improvement since mid-June. Bulls must watch out for the $0.00000784 – $0.00000833 resistance zone. 

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.