Key Support Level Holding Strong in Shiba Inu’s Journey
Shiba Inu [SHIB] emerged as a prominent memecoin amidst the recent surge in the cryptocurrency markets, experiencing a substantial gain of nearly 40% within a span of 36 hours on September 26th and 27th.
The Shibarium Network also showcased a robust performance, with the Total Value Locked (TVL) witnessing a significant surge in recent days, surpassing the $4 million mark for the first time.
A noticeable uptick in new addresses on the network was observed, indicating a potential increase in demand and popularity for SHIB.
SHIB Bears Encounter Resistance at Long-Term Levels
An area marked by a bearish order block within the $0.00002-$0.000022 range has been a prominent feature since June, undergoing retests in July and more recently a few days ago, with bullish breakout attempts falling short on both occasions.
Despite a 14.7% price decline over three days from the recent peak, long-term investors may not find much cause for concern, given the bullish trend visible on the accumulation/distribution chart nearing the May highs.
The MACD indicator also signals robust bullish momentum, suggesting that recent strong buying activity could potentially support the bulls in defending the $0.0000175 support level.
Near-Term Bearish Outlook for Shiba Inu Price Prediction
Recent days witnessed a positive trend in cumulative liquidation levels, resulting in a downward pull on prices following the concentration of long liquidations around $0.000019.
Currently, the balance of liquidations is relatively neutral as market sentiment appears evenly split between the bulls and bears.
While Open Interest has been declining alongside memecoin prices in the past three days, indicating a subdued bullish sentiment, the positive Funding Rate suggests that bulls continue to dominate.
Looking ahead, the Shiba Inu price forecast suggests a bullish outlook in the long run, contingent on successfully converting the $0.00002 resistance level into a firm support zone in the upcoming weeks.
A sustained dip below $0.0000175 could signify a resurgence of bearish control over the market once again.
Disclaimer: The content provided does not comprise financial, investment, or trading advice but rather represents the author’s personal viewpoint.