- Shiba Inu has a bullish structure but is stuck below a five-month resistance.
- The daily RSI showed that momentum was also bullish.
Shiba Inu [SHIB] was stuck below a resistance band in the $0.0000205 region. Previous analysis showed that Shiba Inu maintained a bullish view after breaking out of the falling wedge pattern.
The buying pressure behind SHIB is slowly increasing. A break past the marked five-month resistance should see a strong bullish move.
Shiba Inu Price Prediction – At Least 40% Gains Ahead?
Source: SHIB/USDT on TradingView
In late February and early March, Shiba Inu rose 389% in ten days. Since then, steady selling pressure and market-wide bearish sentiment over the summer pushed the meme coin into a prolonged downtrend.
As things stand now, the $0.0000155 region has been a support zone since mid-September. The market structure on the daily chart is still bullish and the OBV has made higher lows over the past five weeks.
This showed a build-up of buying power, but did not mean a breakout would occur immediately. A strong Dogecoin [DOGE] could move or a meme-related news story would cause a SHIB breakout over $0.0000205.
Magnetic zone overhead indicates high chances of a retest
AMBCrypto found that the one-month liquidation heatmap has a liquidity cluster around $0.00002, rising to $0.0000207. The closeness of the token’s market prices meant that the short-term Shiba Inu price forecast was bullish.
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It is likely that a breakout of this liquidity cluster will occur soon, but whether this will lead to a breakout remains to be seen. More buying volume and a change in sentiment would be necessary.
Traders should beware of the kind of explosive gains that occurred earlier this year in February. Beyond $0.0000205, the $0.0000295 level, 40% higher, is the next target.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer