- Shiba Inu has a short-term bearish market structure.
- The lack of demand in a key support zone was concerning.
A recent AMB Cryptoanalysis of Shiba Inu [SHIB] He noted that an increase of 18% was expected. Since then, the bullish momentum has slowed, but a support zone could stop sellers.
bitcoin [BTC] It was trading at $63.7K at the time of publication and could sink back toward liquidity to $59.4K. This could affect meme coin prices in the short term.
Support zone saw SHIB momentum falter
Source: SHIB/USDT on TradingView
The encouraging sign for Shiba Inu bulls over the past two weeks was that the $0.0000235 (cyan) region turned into support. However, the RSI was at 45 and showed that bearish momentum had a slight edge.
Similarly, OBV also failed to break above the two key levels of the last two weeks. He suggested that buying and selling pressures were balanced and that neither side had a clear advantage.
Therefore, the BTC trend could be the deciding factor for SHIB next week. To the north, the $0.00003 level is the short-term bullish target.
Weakened social sentiment highlighted the bullish struggle.
The weighted sentiment behind Shiba Inu was slightly positive. However, the other metrics have declined along with the price.
Social dominance has been declining over the past six months, reflecting lower social media engagement around SHIB.
Read Shiba Inu [SHIB] Price prediction 2024-25
Open interest also saw a decline over the past three days as the meme token lost its bullish momentum on the lower time frame.
These metrics are likely to rise if prices do, which could be dictated by Bitcoin trends.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
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