- Lowered trading volume showed indecisiveness in the market
- The $0.0000247 range high would be a viable price target for the coming days
At press time, Shiba Inu [SHIB] reflected bearish momentum, but the lowered trading volume in recent weeks meant market participants were wary. The bulls were weak, but the bears did not exert much influence in recent days either.
The memecoin seemed to be poised to move either way, depending on Bitcoin’s [BTC] trend. A drop below the nearby bullish breaker block could usher in a downtrend towards $0.000017 or lower.
Shiba Inu more likely to climb towards local highs, than fall lower
Source: SHIB/USDT on TradingView
Shiba Inu appeared to form a short-term range between $0.0000211 and $0.0000246. The lows of the range coincided with a bullish breaker block on the daily timeframe from June 2024. The range formation around the crucial 61.8% retracement level did not indicate bullishness on the higher timeframes.
The trading volume has been dwindling over the past three weeks. During that time, SHIB has meandered about the $0.00002325-level and formed a range. The lowered volume suggested participants have been waiting for the next strong trend before making a move.
The RSI on the daily was below neutral 50, showing bearish momentum was in control. The OBV has not made lower lows in the past three weeks. This was not a bullish finding, but since it did not show bears were dominant, it offered buyers some hope.
Nearby liquidation clusters highlight short-term trouble areas
Source: Coinglass
The liquidation map outlined two trouble areas for SHIB traders. The $0.00002117 and $0.00002312 levels were the nearby high leverage liquidation clusters. They roughly lined up with the range lows and the 61.8% Fibonacci retracement level.
Read Shiba Inu’s [SHIB] Price Prediction 2025-26
A push to either level would be decision time for the memecoin. Based on the volume and prevalent market sentiment, a breakout beyond these two regions might or might not occur. Based on the technical evidence at hand, a push northward beyond $0.00002312 and to the range highs at $0.00002464 can be expected.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
