– Shiba Inu [SHIB] has been trading in a tight range between $0.00000832 and $0.00000914 since 8 May
– Positive capital inflows and buying pressure have been seen on SHIB’s daily chart
– The 23.6% Fib level ($0.00000967) could provide support for SHIB, however a break below $0.00000864 could lead to further selling pressure
Analysis of Shiba Inu
Shiba Inu [SHIB]’s technical indicators showed positive signals but no decisive reversal was recorded yet.
Current Market Conditions
The cryptocurrency has steadied slightly above its December lows of $0.00000779 with strong positive capital inflows in the past few days.
The markets have seen some improvement after Bitcoin [BTC] reclaimed the $27k zone due to optimistic tone on the U.S. debt ceiling talks.
Opportunities for Rebounding
The daily chart’s CMF and RSI have risen in the past few days indicating increased capital inflows and buying pressure, respectively.
If the trend persists and macro environment conditions continue to ease, SHIB could rally to the 23.6% Fib level of $0.00000967.
Potential Negative Outcomes< p > The 23 . 6 % Fib level held the plunge seen in February and mid – March , however it was breached in early May . A session close below $ 0 . 00000864 could sink SHIB back to retest its December lows of $ 0 . 00000779 , thus erasing all gains made so far this year . p >
< h2 > Liquidation Data h2 > < p > Liquidations data showed more long positions ($ 80k ) wrecked than shorts ($ 9k ) in the past 24 hours , reinforcing sellers ’ edge . p >