Shiba Inu price prediction: Why a SHIB recovery could take time

bulls were trying to establish an uptrend for the memecoin but have not yet succeeded. The buying volume has been minimal despite theSince mid-April, Shiba Inu has slowly set a series of higher lows. However, the lower high at $0.0000282 from the 21st of April was not breached.

Therefore, even though the higher timeframe price trend was bullish, the token had a bearish internal structure after the March pullback. The RSI on the daily chart poked its head above neutral 50 a week ago and has stayed there. This was an early sign that bullish momentum was gaining strength and the trend might shift.

Conversely, the OBV, like the price, was unable to breach a resistance level. This would be crucial for the continued bullish progress of Shiba Inu. As things stand, it was more likely for the memecoin to consolidate than to rally higher.The cluster of liquidation levels above the current market prices extended to the $0.00003 level. This area has served as resistance since early April.Hence, traders can use this move to realize profits or exit positions. However, unless the $0.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

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