Delving into the captivating world of cryptocurrency, one cannot help but notice the recent fluctuations in the market trends of the meme coin, Shiba Inu [SHIB]. Despite the bearish sentiment surrounding the coin, the spirited Shiba Inu bulls are eagerly awaiting a sign to go long. But what are their chances?
Unfolding Shiba Inu’s Recent Market Performance
In the past week, the price action of SHIB has been predominantly bearish, suffering losses slightly over 7%. This can be attributed to the short-term range of 9% that the meme coin has formed. However, the silver lining here is that the coin is trading above a critical demand zone, hinting at the possibility of a bounce back to the $0.00000846 level in the coming week.
The Shiba Inu market structure, however, appears bearish in the short-term. A careful study of the 4-hour and lower timeframe charts reveal a downtrend over the past five days, following a rejection from the $0.00000846 resistance level. But there is more to the story.
Signs of Hope for Shiba Inu Bulls
Despite the bearish market structure, the Shiba Inu bulls have found solace in the support level at $0.00000776, which has held strong over the past ten days. Further down, there is a bullish order block spanning from $0.000007-$0.0000076, which has been tested twice in the past two weeks. Even though the second bounce was weaker than the first, it does imply that the Shiba Inu bulls are not out of the game just yet.
However, the OBV’s continued downtrend since mid-August and the RSI’s strong downward momentum suggest that the bulls may be tiring. The Open Interest’s minor uptick on September 3rd, although not significant, hints at a potential shift in market sentiment.
The Shibarium Ecosystem and Its Impact
Another beacon of hope for Shiba Inu bulls is the Shibarium ecosystem, which has been performing well, leading to a surge in daily transactions and TVL. A massive amount of SHIB was also withdrawn from exchanges recently, despite the bearish sentiment. This could be a sign of bullish sentiment brewing beneath the surface.
According to data from MobChart, there are limit buy orders for nearly 133 billion SHIB in the $0.0000078-$0.0000077 region, amounting to $1.04 million. This presents a formidable wall of buyers, suggesting that a test of this region could weaken bearish pressure and trigger another bounce in prices.
While it is unclear whether Shiba Inu can kickstart a short-term uptrend, scalpers might aim for the $0.0000084 level to take profit on their longs if a bounce from $0.0000077 occurs. To keep track of such market movements, one could consider using applications like cryptoview.io for comprehensive insights.
With the future of Shiba Inu’s market trends hanging in the balance, the anticipation among the Shiba Inu bulls is palpable. Only time will tell if they can turn the tide in their favor.
