Shiba Inu [SHIB] shows bullish intent, watch out for a breakout above…
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
At press time, Shiba Inu [SHIB] traded at $0.0000129. It bounced from $0.0000117 after facing strong selling pressure on 9 February. Bitcoin [BTC] also fell to retest the $21.6k support level in the wake of selling pressure in recent days.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
If Bitcoin can defend the $21.2k-$21.6k in the coming weeks, bullish prospects remain valid for SHIB. A rallying BTC can drive sentiment wildly positive for the meme coin. A 16% or even 28% move upward could occur if the ideal bullish scenario played out.
Source: SHIB/USDT on TradingView
The $0.0000117 level is a vital support level. It served as resistance in September and early October, and was flipped to support in late October before failing in November. The presence of a bullish order block around this crucial level meant that it was a strong zone of demand.
The RSI fell toward the neutral 50 mark on the daily chart to show bullish momentum has weakened. However, the bullish market structure remained intact. Moreover, the retracement did not see the OBV dip strongly, nor was the trading volume high.
Together with the bullish structure, the inference was that Shiba Inu was likely to resume its northward journey after venturing into the bullish order block. A daily session close beneath $0.0000109 will break the structure and flip it to bearish.
To the north, SHIB faced resistance at $0.000015 and $0.0000167. $0.000015 has not been breached since August 2022.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
Source: Santiment
The 30-day MVRV ratio fell rapidly in early February following
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