Key Takeaways
Over the last 24 hours, Shiba Inu’s (SHIB) price has increased by 7.5%. But it appears that the memecoin could be facing new obstacles, potentially erasing the gains it has had.
The recent price increase helped SHIB bounce to $0.000014 after a previous scare that it could slide below $0.000010. However, following the upswing, SHIB’s price might find it challenging to build on this bounce.
SHIB Recovery at Risk
One indicator suggesting that SHIB’s price might face a roadblock is the In/Out of Money Around Price (IOMAP). With SHIB trading at $0.000013, the IOMAP shows price levels that might act as support or resistance.
The higher the volume of tokens in unrealized profits, the stronger the support. On the other hand, when the volume of money is higher, it represents resistance.
According to IntoTheBlock, about 16,000 SHIB addresses have over 11 trillion tokens in unrealized losses, which were accumulated between $0.000013 and $0.000014.
Furthermore, the volume at this price level is higher than that purchased, around $0.000012. Given the conditions stated above, this indicates that SHIB’s price might face resistance as it attempts to climb to $0.000014.
Bullish Momentum Slows Down
Besides that, the Moving Average Convergence Divergence (MACD) also shows that SHIB’s bullish momentum might slow down.
The MACD is an indicator that reveals changes in trend, strength, and momentum by examining the difference between two key Exponential Moving Averages.
When the MACD reading rises, and the 12 EMA (blue) crosses over the 26 EMA (orange), the trend is bullish. But if it is the other way around, the trend is bearish.
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On the daily chart, the MACD remains positive but has dropped from the previous reading. At the same time, the 12 and 26 EMAs are around the same region, indicating that momentum around the token is neither bullish nor bullish.
SHIB Price Analysis: Next Move Uncertain
Per the short-term targets, the daily chart shows that the Awesome Oscillator (AO) has dropped to the negative region. The negative AO reading indicates bearish momentum.
Likewise, the Relative Strength Index (RSI) is below the neutral line. This aligns with the AO position and validates the bearish momentum around SHIB.
Should this remain the same, SHIB’s price might drop to $0.000011. In a highly bearish scenario, the token’s value might decline below $0.000010.
On the contrary, if SHIB sees an increase in buying pressure, this trend might not be the case. If that happens, the memecoin’s value might jump to the 0.786 Fibonacci level at $0.000016.
When the broader market condition improves, SHIB might climb to $0.000020.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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