Key Indicators Predict Breakout Run for Shiba Inu at $0.000024 Amid Bear Market Tensions
As Bitcoin falls below $59,000, the market, including Shiba Inu, undergoes another negative cycle. heightened volatility at the $60,000 support level has heightened market nervousness.
Channel-trapped SHIB
Meme currency Shiba Inu, the second biggest in its class, has fallen 70% from its 52-week peak at $0.00004567. The meme currency is trading at $0.00001362, ready for a second straight gloomy day with a 0.94% drop during Asian hours.
Meme coins create a falling channel on logarithmic daily charts. The rejection phase at the overhead resistance trend line might lead to a bearish cycle and a double-bottom around $0.00001350.
Between $0.000013 and $0.000014, $879.69 million in Shiba Inu is traded, 6.51% of the total.
Derivatives Market Shiba Inu Volume Falls 48%
Shiba Inu futures open interest fell 0.54% to $28.48 million. Volume plummeted 48% to $22.04 million.
Bearishness is shown by the exchanges' $0.90 long-to-short ratio. The 2024 Shiba Inu open interest trend has dropped significantly from its 52-week high of $137.93 million to about $18.90 million in early January.
The Shiba Inu coin should surpass $50 million.
Cryptoquant reports $142.64 trillion in exchange reserves, down 0.05% in 24 hours. Additionally, the exchange net flow has grown by 134%, indicating a significant deposit across exchanges, increasing selling pressure.
On-chain metrics like transfer volume, active addresses, and transactions are good.
In the previous 24 hours, Shiba Inu transfers have climbed by 89%, active addresses by 57%, and network transactions by 23%.
Goals for Shiba Inu This Week
Trend-based Fibonacci levels suggest $0.00001266 might spark the next breakout surge.
The meme coin may rise to 23.60%, 38.20%, and 50% Fibonacci levels at $0.00001370, $0.00002099, and $0.00002454.
