Shiba Inu Market Analysis

The 1-day price chart indicated that further losses appeared likely, while the H4 chart seemed to suggest otherwise. A lack of demand could reverse the recent 9% gain over the past ten days.

An interesting development was the withdrawal of 151.61 billion Shiba Inu (SHIB) tokens from Coinbase, totaling $2.41 million. Sustained outflows may signal accumulation within the market.

Despite bearish daily price action, a market structure shift was observed on the 4-hour chart. The question remained: was there sufficient demand to support this lower timeframe shift, or should traders prepare for more losses?

Shiba Inu OBV at Key Juncture

The $0.00002 bullish breaker block has been flipped to resistance following the early February sell-off. The next support level is at $0.00001288, with consolidation around $0.000016 in October 2024 indicating another potential demand zone.

Currently, the On-Balance Volume (OBV) is below the lows from October, despite price levels also being low. This reflects significant selling pressure over the last two months. The OBV’s inability to surpass the October lows could hinder recovery efforts, while an RSI below 50 indicates bearish dominance.

On the H4 chart, a bullish market structure break was witnessed, and prices have formed higher lows in the past week. The OBV has shown a slow upward trend from the October lows on the daily chart.

With sustained buying pressure, prices could increase, although it’s uncertain whether this will happen in the short term. The liquidation heatmap from the recent bounce indicates that the range of $0.0000154-$0.0000157 could serve as a short-term target.

Additionally, $0.0000174 acts as a magnetic zone to the north, representing another short-term price target. This level lies just above the local highs observed on the 4-hour chart, suggesting that traders in long positions could consider taking profits here, given the overall market sentiment remains bearish in the short term.

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