- Shiba Inu fell under the VRVP value area
- The level of $ 0.00002 is an important resistance zone and bulls must recover it before the bias can be reversed in the longer term
The second largest memecoin by Market Cap, Shiba Inu [SHIB] Has turned almost 30% of its value in the past month. It was unable to hold the range from the beginning of January and at the time of the press the downward trend continued.
At the time of writing, volume indicators showed that the $ 0.00002 resistance zone would be crucial for his bullish efforts. Although the momentum was serious against Shib Bulls, the market -wide sentiment was also weak.
Key to solve the misery of Shiba Inu
Source: Shib/USDT on TradingView
The decrease below the 61.8% Fibonacci retracement level in mid-December was the Domino that started the downward trend. Memecoins was unbridled in November, but their mini-altiation season ended in December.
The $ 0.00002 region, a bullish order block from September, was again tested as a resistance on January 31. Since then, Shib has fallen in the charts with another 23%. However, the CMF flashed a somewhat hopeful signal. It had a lecture of +0.02 at the time of the press, after having spent the second half of January under -0.05.
The increase in the CMF can be a sign that the outflows of the capital of the market have been delayed, although they are not yet strong bullish.
The visible access volume profile also emphasized the importance of the $ 0.00002 zone, so that the lower limit of the value area was formed.
Usually in the cryptomarkt, where attention goes, money flows. The social volume has been falling since the beginning of December when Memecoin Euphoria lost its hold. The persistent losses pushed the short-term-mvrv to negative territory.
Realistic or not, here is the market capitalization of Shib in the conditions of BTC
On the other hand, the average currency age has been raised in the past month. Together with the MVRV, it underlined a buying option- increased accumulation, while holders had to deal with losses in the short term.
Technical analysis showed that a retest of $ 0.0000128 would be a purchase option. As an alternative, the $ 0.00002 zone that is reversed would also offer bulls some hope.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer