- SHIB’s higher time frame market structure and price trend were in bearish favor.
- The price could rise another 15% this week.
Shiba Inu [SHIB] has managed to climb past a short-term range and is up 15% since the low on Friday, July 12.
It has therefore performed better than Pepe [PEPE] in the short term, on-chain metrics indicated that more gains were likely.
The trend of the week is sometimes determined on Monday. What is the SHIB price forecast and should traders anticipate a strong bullish run soon?
The trend breakthrough was telegraphed
Source: SHIB/USDT on TradingView
The recent report highlighted SHIB’s short-term bullish metrics and how they generated a buy signal. The 6-hour chart has seen a session close to the range highs at $0.000017.
The Awesome Oscillator also recorded a bullish crossover and moved higher to reflect growing upside momentum. The CMF was above +0.04 last week, a sign that buying pressure was consistent.
This joint effort is starting to pay off. To the north, the immediate bullish target was the supply zone of $0.00002-$0.000021.
The higher timeframe charts, such as daily and weekly, showed that the memecoin has not broken the gradual downward trend since April.
Proof that traders don’t believe in SHIB
The technical analysis showed a bullish SHIB price forecast, but data from the Futures market showed participants wary of the momentum.
The Funding Rate was negative despite the price gains, and the Open Interest did not increase this weekend.
Realistic or not, here is SHIB’s market cap in BTC terms
The liquidation chart showed that short positions were liquidated in the late hours of Sunday, which should fuel further price gains.
Overall, the market’s broader disbelief could turn into FOMO if Shiba Inu continues to rise.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.