- SHIBA INU weekly price behavior has been strongly weak.
- The lower period chart emphasized the two major Fibonacci Retression levels to watch.
SHIBA INU (SHIB) fell below the major long -term level last week, but tried to find the way. But in recent months, prices have meant that the prejudice is weaker.
The formation of Bitcoin (BTC) in December began down the Shib movement. Other events have been seen as eroding Memecoins’ optimistic beliefs.
Shiba inu bulls will be difficult
Source: TradingView’s Shib/USDT
In the weekly chart, SHIBA INU has a weak structure. It was bankrupted below $ 0.0000164, the highest level than November, and the Prestation was just above the support of $ 0.00001288. Under this level, we ended the first week’s session in March to strengthen the prospect of weakness.
The rally between early 2024 and November 2024 could not be challenged since late 2022. Bitcoin was disappointed because there was much more capital inflow than last year than in 2022. Capital rotation to memory may have been wrong.
Bounce is expected in summary weekly support. But it is not immediate. As in the summer of 2024, there may be integration for the next few weeks before the next movement.
Source: TradingView’s Shib/USDT
The 6 -hour chart showed that SHIB traded near local resistance of $ 0.0000138 (red). The OBV did not set a higher height compared to the beginning of this month.
In addition, Fibonacci Retression level has been confirmed for $ 0.0000135 and $ 0.0000142 for its main short -term resistance zones.
This suggests that SHIB will not rise more than 6% in the current price. The RSI reflected the optimistic propulsion of last week’s profit, but the swing structure of the 6 -hour chart remained weak.
Re -examination as a brake out and support of $ 0.0000127 or more has recently gained profits. Similarly, movements of more than $ 0.0000152 can make the next legs more. However, the weekly chart does not indicate that such a brake out is imminent.
Indemnity Clause: The information presented does not make up financial, investment, transactions, or other types of advice, and is entirely the artist’s opinion.