Shiba Inu, a popular meme coin, experienced a significant price drop of nearly 20% after rallying to $0.0000152 last week. Despite this setback, bullish investors see potential for the coin to head higher in the near future. The 1-day price chart of Shiba Inu showed signs of accumulation, with bulls challenging the $0.0000152 resistance level on March 26th. Although there was an 18% price drop in the following days, indicators suggested that the meme coin was starting to turn bullish.
The rejection from the local resistance level at $0.0000152 could be viewed as a sign of bearish strength, especially amid a bearish trend in Bitcoin, which fell from $87.6k to $82.4k last week. This led to panic selling across the market, including altcoins like SHIB. However, the market structure of Shiba Inu remained bullish on the daily chart, with its move above $0.0000138 shifting the structure positively. The OBV indicator has been trending higher for three weeks, signaling increased buying pressure, while the RSI was also recovering and could reflect bullish momentum.
On the 4-hour chart, Shiba Inu saw steep losses since last Wednesday, failing to defend the support levels at $0.000013 and $0.0000125. However, a 20% price bounce within the past 24 hours brought the price back above $0.0000125. While the short-term chart showed a bearish structure, the 1-day chart indicated a bullish trend, suggesting potential for swing traders and investors to consider opening long positions. It is important to note that the information provided does not constitute financial or investment advice and is solely the opinion of the writer.
