Shiba Inu Price Prediction: Why SHIB Recovery Might Take Time

  • Shiba Inu has a bearish internal structure due to the ongoing pullback.
  • An upward movement is anticipated, but it will probably not be a bullish breakout.

Shiba Inu (SHIB) bulls were trying to establish an uptrend for the memecoin, but have not succeeded yet. Purchase volume has been minimal despite the Bitcoin (BTC) rally. This suggested that investors might have to wait for capital to rotate from BTC and ETH to memes.

However, the performance of Pepe (PEPE) and Bonk (BONK) easily outperformed that of SHIB over the past two weeks. Shiba Inu’s social metrics suffered and Shibarium’s transactions decreased by 97%.

Shiba Inu is starting to change things

Shiba Inu 1-Day Chart

Source: SHIB/USDT on TradingView

Since mid-April, Shiba Inu has slowly been setting a series of higher and higher lows. However, the lower high of $0.0000282 on April 21 was not broken.

Therefore, although the price trend on the higher time frame was bullish, the token had a bearish internal structure after the March pullback.

The RSI on the daily chart reared its head above the neutral 50 level a week ago and has remained there. This was an early sign that the bullish momentum was gaining strength and that the trend could change.

On the contrary, OBV, like the price, was unable to overcome a resistance level. This would be crucial to Shiba Inu’s continued bullish progress. As things stand, memecoin was more likely to consolidate than rise.

Internal structure could take a bullish turn soon

Shiba Inu Clearance Heatmap

Source: Hyblock

The group of settlement levels above current market prices extended to the $0.00003 level. This area has served as resistance since early April.

Read Shiba Inu (SHIB) Price Prediction 2024-25

Given the proximity of prices to this magnetic zone, an upward movement is anticipated.

Therefore, traders can use this move to take profits or exit positions. However, unless the $0.0000282 level holds as support, investors could wait before buying.

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

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