Shiba Inu price has been diverging from the broader market over the last two weeks, trending lower as the other crypto assets followed Bitcoin’s erratic swings. Despite Shibarium chain developments, the SHIB volume continues to dwindle, and the weakness is also reflected in its price. An analysis of futures trading data and price action reveals that SHIB price may enter a period of max pain followed by a bullish surge exceeding 500%.
‘Dead Chain’ Vibes Rub Off on Shiba Inu Price
Shibarium, the Shiba Inu blockchain, has been having a hard time replicating the success witnessed in its token. According to Messari Research, SHIB real volume hit a 1-year low on August 18, suggesting that investors may not find the SHIB as popular as it once was.
Besides this, SHIB is facing selling pressure from futures trades, as the Coinglass Crypto Derivatives Visual Screener’s plot of Shiba Inu open interest (OI) versus price shows Shorts are opening. This means traders are anticipating the Shiba Inu price will continue dropping in the coming days.
Shiba Inu technical analysis reveals a 50% potential price drop in line with the rising sell pressure. However, what follows after that would be a price surge that would send SHIB over 500%.
$0.000015 Critical For SHIB Price
The Shiba Inu price chart shows a downward trend within a defined channel, similar to the previous chart, signaling a consistent bearish trend. The SHIB price is trading near the lower boundary of the channel, indicating strong downward momentum.
SHIB sport some resistance around $0.00001318 and at $0.00001526. If SHIB breaks above the former, it may surge 500% to $0.00003698, with occasional stops at $0.00001934 and $0.00002816. Conversely, SHIB is likely to find support around $0.00001227 and $00001000, which is a round psychological support level.
Candlestick analysis reveals spinning top formation, which indicates market indecision, with neither bulls nor bears in clear control. However, given the downtrend, the lack of a strong reversal pattern suggests the downtrend could continue unless significant buying pressure emerges.
The Chaikin Money Flow (CMF) is slightly above zero, suggesting a neutral to weak buying pressure. However, it does not indicate a strong bullish trend reversal, aligning with the bearish overall trend.
Shiba Inu price prediction shows that if it rises and maintains above $0.00001798, it might signal market strength and change the trend to bullish, invalidating the bearish thesis. SHIB price would rise higher and test the yearly highs.
The post Shiba Inu Price Could Provide Buying Opportunity Before SHIB Skyrockets 50% appeared first on CoinGape.
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