Shiba Inu Price Prediction: How SHIB Traders Can Make Profit Soon

  • Shiba Inu has a strongly bearish outlook, but the range formation could see some consolidation.
  • Despite presenting a buy signal, the selling pressure was too high for the bulls to overcome.

Shiba Inu [SHIB] On June 14, it fell below a long-term range and has not yet reversed the bearish price trend. However, traders can still profit from the current situation as memecoin seemed to form a range.

A recent price report indicated that Shiba Inu is likely to post double-digit percentage losses in the coming weeks.

The lower time frame charts matched that and provided more context on the Shiba Inu price prediction.

Shiba Inu Price Prediction

Source: SHIB/USDT on TradingView

Over the past ten days, Shiba Inu formed a range (white) between the levels of $0.0000174 and $0.0000126. The mid-range level at $0.000015 served as support in the hours leading up to press time.

After the fall to the lows, the rally was accompanied by an increase in trading volume. However, this might not be enough to sustain a recovery.

The OBV has been in a downward trend since June and its trend has not changed yet.

The RSI on the 6-hour chart has been below the neutral level of 50 since early June, but broke above the 60 level on July 6.

This could be an early sign of a change in momentum, but until price breaks out of the range, there will be no recovery in sight.

Should participants continue to purchase?

Source: Santiment

The 30-day MVRV index has been negative since late May. This metric indicated that the meme token is undervalued, but that didn’t stop prices from trending lower.

The weighted sentiment was also firmly negative.

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Latent circulation has experienced small spikes over the past ten days, but the largest recent spike was on June 11.

Overall, it is probably not the right time for investors to re-enter the Shiba Inu markets, while traders can wait for a retest of the range highs to sell.

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

Next: Mt. Gox Pushes Bitcoin and BCH Near 2024 Lows: Still ‘HODLing,’ Analysts Say

This is an automatic translation of our English version.

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