AMBcrypto:
Shiba Inu coin price prediction: Should you brace for another 20% drop?
๐ Shiba Inu (SHIB) Price Analysis: Despite a token outflow from exchanges, SHIB fell below a key demand zone at $0.000024, facing strong selling pressure and liquidated long positions. If Bitcoin (BTC) drops below $59k, SHIB could retrace to the next Fibonacci support level around $0.0000172. The RSI indicates strong bearish momentum with potential oversold conditions, but recovery is uncertain given market trends. ๐พ
๐ SHIB Support Levels: In mid-April, $0.0000212 served as support and may provide a bounce upon retest. The On-Balance Volume (OBV) suggests manageable selling pressure, offering hope for SHIB bulls if support levels hold. ๐
๐ Effect of Liquidations: Open Interest data shows a decline over ten days, indicating firm bearish sentiment. Multiple long liquidations in the past 48 hours contributed to downward pressure on SHIB price, reflecting market uncertainty. ๐๐
