- Shiba Inu has a bullish structure, but remains below the 5-month resistance line.
- Daily RSI also showed upward momentum.
Shiba Inu (SHIB) was trapped below the resistance zone in the $0.0000205 area. Based on previous analysis, Shiba Inu maintained a bullish outlook after breaking a descending wedge pattern.
Buying pressure on SHIB is slowly increasing. A break above the highlighted 5-month resistance would indicate a strong bullish move.
Shiba Inu price prediction, will it rise by at least 40% in the future?
Source: SHIB/USDT on TradingView
In late February and early March, Shiba Inu prices rose 389% in 10 days. Since then, steady selling pressure and bearish market sentiment across the summer have led meme coins to a prolonged downtrend.
As it stands, the $0.0000155 area has been the support zone since mid-September. The market structure on the daily chart remains bullish, with OBV hitting higher lows over the past five weeks.
This showed that buyer power was growing, but it was not a sign that a breakout would occur immediately. The mighty Dogecoin (DOGE) may move and meme-related news may cause SHIB to break above $0.0000205.
Self-zone overhead suggests that retesting is likely.
Source: Coinglass
AMBCrypto found that the 1-month transition period liquidation heatmap has a liquidity cluster around $0.00002, reaching a maximum of $0.0000207. The token’s proximity to the market price means that our short-term Shiba Inu short-term price predictions are optimistic.
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A clearing of this liquidity cluster is likely to occur soon, but it is yet to be seen whether this will lead to a breakthrough. It will require greater purchase volume and a shift in sentiment.
Traders should be wary of the explosive profits that occurred earlier this year in February. Above $0.0000205, the $0.0000295 level is the next target, 40% higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.