Highlights
In the past few days, the price of Shiba Inu has significantly retraced, limiting the bulls from triggering a strong rebound.
Although lower targets have been activated, bulls are preparing for a strong rebound. A strong rebound can occur if the token closes within the bullish range.
Although the memecoin frenzy has begun, Dogecoin and Shiba Inu have not made significant moves. Therefore, these tokens lag behind their respective ATHs, while other tokens have formed new ATHs. Now, as Bitcoin's price rebound has started to break through the psychological barrier of $100,000, these top memecoins have started to inflate. Timely, the SHIB price encountered a massive sell-off after reaching the key resistance level, which could be a concerning issue.
The current price trend indicates that the SHIB price has broken through the key resistance level of around $0.000027; an effective breakout may trigger a short-term upward momentum. Meanwhile, bulls are supporting the rebound by providing sufficient buying pressure, thus creating adequate support. However, the dominance of sellers remains high, which may push the token into bearish clouds.
Given that the price of Shiba Inu is still in a decisive phase, will the bulls be able to successfully initiate a strong rise above the resistance level of $0.000035?
Currently, two major bearish crosses are about to occur, which could exacerbate the current bearish trend. First, the Ichimoku cloud's baseline and conversion line are heading towards a bearish crossover, and second, the +Di and -Di levels of the DMI. Both ADX and RSI are trending downwards, while MACD indicates that selling pressure is slowly increasing. OBV (On-Balance Volume) has also significantly declined, indicating a sharp decrease in volume, further exacerbating the bearish momentum.
However, the higher target for SHIB's price rise remains above $0.000045; however, the token needs to maintain above $0.000035 to confirm the bullish trend. Meanwhile, after BTC's adjustment, the significant drop in Shiba Inu's price could be a good signal, as investors show interest. This indicates an increase in demand for the token, which could shift the sentiment from bearish to bullish.
If the market adjustment widens, it is expected that the Shiba Inu price will drop below $0.000025; otherwise, a more likely rebound could push the price back above $0.00003 and attempt to close the annual trading above $0.000035.
