Shiba Inu Price Prediction – Will This Prevent a Bullish Breakout?
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Shiba Inu [SHIB] trading price is $0.0000268, down 1.9% in the last 24 hours.
By market capitalization, the second-largest memecoin has still risen 10% in the past month, but weak buying activity has suppressed the upward trend.
SHIB has formed a right-angle ascending expanding wedge pattern on its daily chart. If the price breaks above the trendline, this pattern usually indicates that bullish momentum will continue.
However, the volume histogram bars have shortened, indicating reduced trading activity and a lack of sufficient buying volume to support the upward trend.
The Money Flow Index (MFI) is 43, indicating weak momentum. This indicator is also on a downward trend, suggesting more sellers are entering the market.
On the other hand, the Chaikin Money Flow (CMF) is a positive 0.15, indicating that buying pressure still outweighs selling pressure.
As buyers and sellers vie for control, this may lead to SHIB consolidating within this channel.
Shiba Inu Forex Inflow Surge
Data from CryptoQuant shows a significant increase in the number of SHIB cryptocurrencies flowing into exchanges. On December 16, the net inflow of SHIB into exchanges reached its highest level in nearly five months.
If traders continue to transfer their tokens to exchanges and demand is insufficient to absorb the selling pressure, it may lead to further declines for the meme coin.
Key Levels to Watch
The In/Out of the Money Around Price (IOMAP) indicator shows that 43,080 addresses purchased SHIB at prices ranging from $0.000024 to $0.000025.
This makes the area a strong support level, as traders may view it as a good entry point based on the profitability of these addresses.
Conversely, there is a supply zone at $0.000030 to $0.000031, where 37,230 addresses purchased over 30 trillion SHIB tokens.
When SHIB approaches this area, if current holders at a loss decide to sell to reduce losses, SHIB will inevitably face resistance.
Bull/Bear Ratio Shows Bearish Bias
The Shiba Inu long/short ratio shows that bearish bets have outnumbered bullish bets over the past week. As of the time of writing, the ratio is 0.96, fluctuating below 1 since December 7.
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