By Franklin Smith
- 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.
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