Shiba Inu (SHIB) Price Consolidates Above December Low in August

One sentence summary – Shiba Inu (SHIB) has been consolidating its price above the December low since mid-August, but its monthly performance in August is expected to end in the red; the future movement of SHIB will depend on Bitcoin’s ability to defend the mid-range support near $27,000, and if a bearish breakout occurs, SHIB could face a decline towards the $0.00000698 support level.

At a glance

  • Shiba Inu (SHIB) has been consolidating above the December low since mid-August.
  • SHIB’s monthly performance in August is expected to end in the red.
  • Bitcoin’s pump above $27,000 on August 29 improved market sentiment.
  • SHIB’s mild pump was rejected at the previous May low.
  • The future movement of SHIB depends on BTC defending the mid-range support near $27,000.

The details

Shiba Inu (SHIB) has been in a period of price consolidation above the December low of $0.00000779 since mid-August.

Despite a 20% decline in two consecutive weeks between August 14 and 28, SHIB managed to prevent further losses.

However, it is expected that SHIB’s monthly performance in August will end in the red.

On August 29, Bitcoin (BTC) witnessed a pump above $27,000, which improved market sentiment.

However, the altcoin market, including SHIB, did not register a substantial move.

In fact, SHIB’s mild pump was rejected at the previous May low of $0.00000846.

Since mid-August, SHIB has been oscillating above the December low, with the immediate resistance being the May range-low.

The future movement of SHIB will depend on whether BTC can defend the mid-range support near $27,000.

If BTC manages to do so, SHIB could continue to defend the December low.

However, if a bearish breakout occurs, SHIB could face a decline towards the $0.00000698 support level.

It is worth noting that the Relative Strength Index (RSI) briefly improved but then retreated below the 50-median, indicating muted buying pressure.

Additionally, the Chaikin Money Flow (CMF) has been moving sideways near zero, demonstrating stagnated capital inflows.

In the futures market, Open Interest (OI) rates have remained below $20 million for over a week, indicating stagnant demand.

Furthermore, there has been a higher number of longs liquidated across all timeframes in the past 24 hours, suggesting a short-term bearish bias.

It is important to monitor BTC’s movement as a drop below $27,000 could confirm the bearish inclination discussed above.

Please note that the information provided is based on available facts and sources, and it is crucial to conduct further research and analysis to obtain a comprehensive understanding of the situation.

Article X-ray

Here are all the sources used to create this article:

A pixelated Shiba Inu dog sitting on a graph with a line above the December low point.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

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– Shiba Inu (SHIB) has maintained its price consolidation above the December low of $0.00000779 since mid-August.
– SHIB prevented further losses after a 20% decline in two consecutive weeks between August 14 and 28.
– SHIB’s monthly performance in August is expected to end in the red.
– Bitcoin’s (BTC) pump above $27k on August 29 improved market sentiment, but the altcoin market did not register a substantial move.
– SHIB’s mild pump was rejected at the previous May low of $0.00000846.
– SHIB has been oscillating above the December low since mid-August, with the May range-low as immediate resistance.
If BTC defends the mid-range support near $27k, SHIB could continue to defend the December low.
– A bearish breakout could set SHIB to reach the $0.00000698 support.
The RSI briefly improved but retreated below the 50-median, indicating muted buying pressure.
The CMF moved sideways near zero, demonstrating stagnated capital inflows.
– Open Interest (OI) rates in the futures market remained below $20 million for over a week, indicating stagnant demand.
– More longs were liquidated across all timeframes in the past 24 hours, suggesting a short-term bearish bias.
A BTC drop below $27k could confirm the bearish inclination.

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