Shiba Inu (SHIB) experiences significant drop and potential bounce

One sentence summary – Shiba Inu (SHIB) experienced a significant drop in value, reaching a support zone, but a minor bounce occurred potentially due to increased burn rate news, with the market structure needing to surpass a certain price level to shift towards a bullish sentiment, while resistance at another level may pose a challenge, and various indicators suggest both bullish and bearish possibilities for SHIB’s future trajectory.

At a glance

  • Shiba Inu (SHIB) experienced a significant drop of 32% between August 14th and August 17th.
  • The drop led to the cryptocurrency reaching a higher timeframe support zone.
  • Lower timeframe price charts indicated a dominant bearish trend during this period.
  • A minor bounce from the demand zone was observed, potentially driven by news of an increased burn rate.
  • In the 12 hours leading up to the time of writing, Shiba Inu experienced a bounce of 9.27% accompanied by a slight climb in the On-Balance Volume (OBV) and a breach of the neutral 50 mark on the Relative Strength Index (RSI).

The details

Shiba Inu (SHIB) has recently experienced a significant drop of 32% between August 14th and August 17th.

This drop led to the cryptocurrency reaching a higher timeframe support zone.

Lower timeframe price charts indicated a dominant bearish trend during this period.

A substantial influx of demand was required to reverse this bearish trend.

However, a minor bounce from the demand zone was observed, potentially driven by news of an increased burn rate.

The most recent lower high for SHIB was observed at $0.00000871.

To shift the market structure towards a bullish sentiment, this price level needed to be surpassed.

However, the buyers’ efforts could face resistance from the higher timeframe resistance at $0.00000846.

In the 12 hours leading up to the time of writing, Shiba Inu experienced a bounce of 9.27%.

This bounce was accompanied by a slight climb in the On-Balance Volume (OBV).

The Relative Strength Index (RSI) also breached the neutral 50 mark, indicating a bullish momentum.

A rejection from the $0.00000871 level would suggest the formation of a range.

$0.00000776 could serve as the range low in this scenario.

On the other hand, surpassing the $0.000009 resistance could potentially lead to a move towards the next resistance level at $0.0000107.

The MVRV ratio (30-day) suggested that SHIB was undervalued.

However, the weighted sentiment for SHIB was only slightly positive in light of recent losses.

The mean coin age has been increasing over the past five days, which may encourage potential buyers.

The Open Interest chart for SHIB has been in a strong downtrend since mid-August.

An alteration in this trend could indicate a shift towards bullish sentiment in the market.

If the Open Interest increases alongside SHIB’s price, it would signify speculators bidding.

This could be a significant development for SHIB to break past local resistance and potentially move towards $0.00001.

These facts and observations provide a detailed overview of the recent events surrounding Shiba Inu (SHIB).

They shed light on the various market dynamics and factors that may influence its future trajectory.

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A Shiba Inu dog falling from a high point and then jumping back up.

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– Shiba Inu (SHIB) fell 32% from 14 August to 17 August, reaching a higher timeframe support zone.
The bears were dominant in the lower timeframe price charts.
A large influx of demand was required to change the situation.
There was a minor bounce from the demand zone, potentially driven by news of the heightened burn rate.
The recent lower high for SHIB was at $0.00000871.
The market structure needed to flip bullishly by surpassing this level.
The higher timeframe resistance at $0.00000846 could impede the buyers’ efforts.
– Shiba Inu bounced by 9.27% in the 12 hours before press time.
The OBV climbed slightly and the RSI breached the neutral 50 mark, indicating bullish momentum.
A rejection from the $0.00000871 level would suggest a range formation with $0.00000776 as the range low.
– Moving past the $0.000009 resistance would indicate a potential move to the next resistance at $0.0000107.
The MVRV ratio (30-day) suggested that SHIB was undervalued.
The weighted sentiment for SHIB was barely positive after recent losses.
The mean coin age has been increasing over the past five days, which could encourage buyers.
The Open Interest chart for SHIB has been in a strong downtrend since mid-August.
A change in the Open Interest trend could indicate bullish sentiment entering the market.
An increase in SHIB’s price alongside the Open Interest would signal speculators bidding.
This development could be key for SHIB to break past local resistance and move toward $0.00001.

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