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Highlights
- Shiba Inu Price threatens to pop 50% if bulls prevail.
- The U.S. government holds SHIB, among other cryptocurrencies.
- Shiba Inu open interest increased to $30M amid the price dip.
Shiba Inu price is trending sideways approaching a key resistance levels. The price of SHIB rose by 4.5% over the last 24 hours, reflecting the broader market recovery, which combined with Shibarium chain developments, shows that SHIB price may breakout of the falling channel in a 500% surge.
‘Dead Chain’ Vibes Rub Off on Shiba Inu Price
Shibarium, the Shiba Inu blockchain, has been having difficulty replicating the success witnessed in its token. According to Messari Research, SHIB real volume hit a 1-year low on August 18, suggesting that investors may not find the SHIB as popular as it once was.
Besides this, SHIB is facing selling pressure from futures trades, as the Coinglass Crypto Derivatives Visual Screener’s plot of Shiba Inu open interest (OI) versus price shows Shorts are opening. This means traders are anticipating the Shiba Inu price will continue dropping in the coming days.
Shiba Inu technical analysis reveals a 50% potential price drop in line with the rising sell pressure. However, what follows after that would be a price surge that would send SHIB over 500%.
$0.000015 Critical For SHIB Price
The Shiba Inu price chart shows a downward trend within a defined channel, similar to the previous chart, signaling a consistent bearish trend. The SHIB price is trading near the channel’s lower boundary, indicating strong downward momentum that is likely to be invalidated now that market conditions are turning bullish.
SHIB sport some resistance around $0.00001318 and at $0.00001526. If SHIB breaks above the former, it may surge 500% to $0.00003698, with occasional stops at $0.00001934 and $0.00002816. Conversely, SHIB is likely to find support around $0.00001227 and $00001000, which is a round psychological support level.
Candlestick analysis reveals spinning top formation, which indicates market indecision, with neither bulls nor bears in clear control. However, given the downtrend, the lack of a strong reversal pattern suggests the downtrend could continue unless significant buying pressure emerges.
The Chaikin Money Flow (CMF) is slightly above zero, suggesting a neutral to weak buying pressure. However, it does not indicate a strong bullish trend reversal, aligning with the bearish overall trend.
Shiba Inu price prediction shows that if it rises and maintains above $0.00001798, it might signal market strength and change the trend to bullish, invalidating the bearish thesis. SHIB price would rise higher and test the yearly highs.
Frequently Asked Questions (FAQs)
1. What does the current technical analysis suggest for Shiba Inu price?
2. What does the candlestick analysis show for SHIB?
3. What could potentially invalidate the bearish thesis for SHIB?
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