Shiba Inu Faces Bearish Pressure Despite 6.87% Weekly Surge
thecryptobasic.com 27 August 2024 09:49, UTC With a bullish cycle losing momentum, will Shiba Inu drop to $0.00001289 or is a continuation possible on the charts?
With the meme coins gaining traction on the Tron network, the broader meme segment struggles to tap into the additional momentum. As the top and well-established meme coins like Shiba Inu face resistance, a bearish reversal looms.
Amid the increasing bearishness, will Shiba Inu surpass the 50-day exponential moving average (EMA) or drop to $0.00001289?
Shiba Inu Bears Dominate Technical Charts
With a falling channel in the daily chart, Shiba Inu shows a broader bearish trend in action. In a bullish turn of events, the meme coin starts a bullish cycle with a double-bottom reversal from the $0.00001266 support level.
The recovery run in Shiba Inu accounts for a 6.87% surge in the last seven days and surpasses the 20-day EMA. Further, despite the bearish pattern, the meme coin has increased by 81.78% in the last year.
In short-term, Shiba Inu shows a consolidation between the 50-day and 20-day EMAs. The evening star pattern at the 50-day EMA finds higher price rejection from the overhead trendline. Thus, a bear cycle is impending in the falling channel.
Currently, Shiba Inu trades at $0.00001475 with an intraday growth of 0.96% as it recovers from the 6.70% drop over the last two days.
In the 1-hour chart, the SHIB price trend shows a recovery run, marking a pullback in phase.
Based on the Fibonacci levels, Shiba Inu reverts from the 61.80% level at $0.00001603. Tracing back under the 50% level, the next support levels are 38.20% ($0.000014) and 23.60% ($0.00001289).
Large Holders Flows Come Neck To Neck
Based on the data from IntoTheBlock, the large holder of Shiba Inu maintains a volatile stand with a minor hiccup in the bull cycle.
With a 15% surge in 7 days and 1,209% in 30 days, the Large holders inflow shows a positive trend. However, the outflow shows a stronger number, with a 53% rise in seven days and a 1,699% rise in 30 days.
Hence, with stronger outflows, the bears maintain a firmer grip over the Shiba Inu price trend.
Where is Shiba Inu Headed?
Based on the Fibonacci levels, the daily chart finds the next support at the $0.00001266 base level. Further, the 20-day EMA at $0.00001443 acts as a dynamic support level.
On the north side, the Fibonacci levels in the 4-hour chart mark out resistances at 61.80% and 78.60% levels at $0.00001603 and $0.00001763, respectively.
