Shiba Inu (SHIB) Sees Rise in Transactions and Value, Despite Bearish Sentiment

One sentence summary – Shiba Inu (SHIB) has seen an increase in daily transactions and total value locked within the Shibarium ecosystem, despite recent losses in price and bearish sentiment, with potential for a bounce to a certain level next week, although the coin displays a bearish structure on shorter timeframe charts and indicators suggest waning bullish strength among investors, while open interest has decreased and there are notable limit buy orders in a certain range, creating a potential area of interest for buyers and the possibility of alleviating bearish pressure and resulting in another price bounce, although it remains unclear if Shiba Inu can initiate a short-term uptrend.

At a glance

  • Shiba Inu (SHIB) has seen a rise in daily transactions and total value locked (TVL) within the Shibarium ecosystem
  • A significant withdrawal of SHIB from exchanges has been observed
  • SHIB has experienced losses of just over 7% in the past four days
  • Shiba Inu is trading above a significant demand zone, suggesting potential for another bounce to the $0.00000846 level
  • On the 4-hour and lower timeframe charts, SHIB displays a bearish structure

The details

Shiba Inu (SHIB) has seen a rise in daily transactions and total value locked (TVL) within the Shibarium ecosystem, according to multiple reports.

Despite recent bearish sentiment surrounding the meme coin, a significant withdrawal of SHIB from exchanges has been observed.

In terms of price action, SHIB has experienced losses of just over 7% in the past four days.

At present, Shiba Inu is trading above a significant demand zone.

This suggests the potential for another bounce to the $0.00000846 level by next week.

However, on the 4-hour and lower timeframe charts, SHIB displays a bearish structure.

The coin has been in a downtrend for the past five days.

There is a support level at $0.00000776 that has proven reliable over the past ten days.

On the daily chart, a bullish order block ranging from $0.000007 to $0.0000076 has been tested twice within the last two weeks.

This suggests a potential area of interest for buyers.

However, the On-Balance Volume (OBV) has been in a downtrend since mid-August.

The Relative Strength Index (RSI) indicates strong downward momentum.

This may suggest waning bullish strength among Shiba Inu investors.

Open Interest decreased alongside prices on August 31 and September 1.

This indicates discouraged long positions and overall bearish sentiment.

There are limit buy orders for approximately 133 billion SHIB in the $0.0000078-$0.0000077 range.

This amounts to $1.04 million and creates a notable wall of buyers.

A potential test of this region could alleviate bearish pressure and potentially result in another price bounce.

At this point, it is unclear whether Shiba Inu can initiate a short-term uptrend.

However, scalpers might consider targeting the $0.0000084 level to take profits on their long positions if a bounce from $0.0000077 occurs.

These combined facts provide a detailed overview of the current status of Shiba Inu (SHIB) and its recent price movements, trading patterns, and market sentiment.

Article X-ray

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– Shiba Inu (SHIB) has seen a rise in daily transactions and TVL in the Shibarium ecosystem.
A recent report highlighted bearish sentiment behind the meme coin, but there has been a massive amount of SHIB withdrawn from exchanges.
The price action of SHIB has been bearish in the past four days, with losses of just over 7%.
Shiba Inu is currently trading above a significant demand zone and there may be another bounce to the $0.00000846 level next week.
On the 4-hour and lower timeframe charts, SHIB has a bearish structure and has been in a downtrend for the past five days.
There is a support level at $0.00000776 that has served well in the past ten days.
There is a bullish order block from the daily chart that spans from $0.000007-$0.0000076, which has been tested twice in the past two weeks.
The OBV has been in a downtrend since mid-August and the RSI shows strong downward momentum, suggesting that the Shiba Inu bulls may be tiring.
– Open Interest fell lower alongside prices on 31 August and 1 September, indicating discouraged longs and bearish sentiment.
There are limit buy orders for close to 133 billion SHIB in the $0.0000078-$0.0000077 region, amounting to $1.04 million and creating a notable wall of buyers.
A test of this region could weaken bearish pressure and result in another bounce in prices.
– It is unclear if Shiba Inu can initiate a short-term uptrend, but scalpers can target the $0.0000084 level to take profit on their longs in the scenario of a bounce from $0.0000077.

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