Shiba Inu (SHIB) Nears a Vulnerable Support; 15% Crash Possible
- Shiba Inu had its price retracing towards the 4hr demand region, stretching between $0.0000274 and $0.0000289.
- Losing this territory will likely catalyze a steep drop towards the support zone of $0.0000235.
- A swing high beyond $0.0000342 will annul SHIB’s bearish narrative.
Shiba Inu (SHIB) kept a critical support region away amid exponential rallies in February. The run-up formed a base that supported extended upsurges for the meme coin. For now, HIB retests the foothold once more, hinting at potential breakdowns.
Shiba Inu Price Function
Shiba Inu experienced a 57% rally from 6 February to 8 February, printing a swing peak near $0.0000351. However, the upward move weakened, and consolidation emerged as the canine-themed token closed on a 4hr demand territory, stretching in the $0.0000274 – $0.0000289 range.
This territory remains critical in determining Shiba Inu’s directional trend. A 4hr candle close beneath $0.0000274 will violate the foothold with a lower low. Such a development will likely trigger a 15% retracement towards the support floor of $0.0000235.
IntoTheBlock’s GIOM supports the near-term bearish outlook for SHIB price. The on-chain metric indicated Shiba Inu’s stable support region stretches between $0.0000150 and $0.0000220. Here, nearly 134,230 addresses bought 502.58 trillion Shiba Inu coins.
These holders will likely buy more if the coin plummets towards the highlighted ranges. With that, the Dogecoin competitor will create a base amid downtrends.
The 30-day MVRV mode further adds credence to SHIB’s near-term bearish case. Analysts use this index to determine the average losses/profits of individuals that bought Shiba Inu within the past month. For now, the MVRV hovers near 12.4%, showing that the market participants enjoy profits and might trigger sell-offs if they start booking profits.
Meanwhile, Shiba Inu bouncing off the demand barrier at $0.0000274 – $0.0000289 will incentivize a 4hr candle close beyond $0.0000342. Such developments will cancel Shiba Inu’s bearish outlook. Furthermore, that would mean bulls are in control of the market, potentially pushing SHIB high by 15% to explore the $0.0000392 mark.
For now, SHIB’s fate depends on its reaction around the 4hr demand territory that extends between $0.0000274 and $0.0000289. Losing this value level might see the meme coin dropping by 15% to the support of $0.0000235.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.