Shiba Inu has recently experienced a bearish trend on the daily timeframe due to a lack of buying pressure and the accumulation of liquidation levels. This has led to the memecoin staying within a range for the week. Despite a potential bullish structure break on the 4-hour chart, the price of Shiba Inu has retested its local lows twice, with a lower timeframe range formation emerging.
On the 1-day chart, Shiba Inu’s swing structure remains bearish, with a price move above the recent lower high at $0.0000196 needed to shift the structure. A local support zone at $0.0000147 has been established, with a significant support level at $0.0000128. The daily RSI remains bearish at 40, with the OBV showing some buying pressure but not enough for the memecoin to reach new highs.
The 4-hour timeframe shows a range formation, with a structure break at $0.000017 marking local highs and a mid-range level at $0.0000157 acting as a key short-term resistance. The RSI on the 4-hour chart has been bearish, staying below 50 for the past week. A move above 50, along with the mid-range resistance flipping to support, could signal a buying opportunity targeting the $0.0000168 local resistance.
The liquidation heatmap from the past month highlights liquidity clusters around $0.0000145 and $0.0000176, indicating a potential gravitation of price towards these levels in the coming days. A retest of $0.0000145 could present a buying opportunity, while the $0.0000175 level could be a take-profit target. It is important to note that this information does not constitute financial advice and is solely the opinion of the writer.
