- SHIB price rebounds from the daily demand region that extends between $0.0000269 and $0.0000293.
- Increased buying strength might see Shiba Inu rally 31% to $0.0000399 range high.
- A 4hr candlestick close beneath $0.0000269 will form a lower low, ruining the bullish narrative.
Shiba Inu (SHIB) price wavers at a fascinating level in its journey as the meme coin formed two liquidity areas in opposite directions. Besides this lucrative development, SHIB has one obstacle blocking the upward road and may hinder the bullish picture for the dog coin.
SHIB price Ready for Surges
SHIB price printed two swing lows around $0.0000283 on 20 December 2021 and 5 January, forming a double bottom pattern. Surprisingly, this formation emerged within the daily demand region in the $0.0000269 – $0.0000293 range.
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Though Shiba Inu recovered past this level, it requires a 12% rally before facing the $0.0000341 range’s midpoint. Overcoming this barrier will see the Dogecoin competitor facing $0.0000349, the level that harbors buy-stop liquidity beyond it.
The meme crypto has to overpower $0.0000349 before hitting the range high of $0.0000399, fulfilling the 31% upside move.
The GIOM model depicts the vital hurdle for SHIB at $0.0000349. The on-chain metric indicates that nearly 110,570 addresses that bought 82,785 billion Shiba Inu coins at $0.0000350 average price remain underwater.
That way, the meme token should overturn this hurdle to reduce selling momentum from investors attempting to break even. Past this level, the resistance level thin out up to $0.0000680, confirming the bullish narrative highlighted above.
The MVRV model further supports the oversold condition of SHIB price. The metric determines the loss/profit by market players that bought tokens within the last month. For now, the monthly MVRV hovers near -11.53 (opportunity level), indicating that Shiba Inu holders incurred losses and may sell the coins. Furthermore, long-term traders tend to buy in this zone. That might trigger buying momentum, possibly kick-starting an uptrend.
As things seem upside for SHIB, a 4hr candlestick close under the daily demand region’s bottom limit near $0.0000269 will produce a lower low, annulling the bullish case. Such a development may trigger a price crash, taking Shiba Inu to the support level near $0.0000237.
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