Mapping Shiba Inu’s price prediction as SHIB rallies 12% in 24 hours
The post Mapping Shiba Inu’s price prediction as SHIB rallies 12% in 24 hours appeared on BitcoinEthereumNews.com.
Journalist Posted: September 27, 2024 SHIB gained 12% in 24 hours and aimed to reclaim April’s low. Strong spot demand and bullish sentiment boosted the rally. Shiba Inu [SHIB] recorded a sharp upswing on the 26th of September, posting 12% gains and extending its monthly recovery to 35%. This remarkable performance eclipsed even Bitcoin [BTC], which posted 2% on the daily charts and remained quiet overall. However, the SHIB’s upswing retested a key hurdle, which begs the question: Can bulls mount above the roadblock and push forward? SHIB at a crossroads Source: SHIB/USDT, TradingView The stochastic RSI and RSI flashed bullish signals on the daily chart, underscoring a strong buying pressure for SHIB in the past few days. However, they also indicated overbought conditions, which often signal a potential price reversal. Given the bullish market structure, the uptrend momentum could continue. If so, late bulls could seek re-entry after breakout or retest above the resistance at $0.000001763 (marked white) or $0.000018 (April low). The bullish target would be the 200-day Moving Average (MA) at $0.000020. The bullish target would offer 15% or 11% potential gains based on the two entry positions. That said, a daily candlestick close below $0.000017 would invalidate the above bullish thesis. SHIB could front a pullback to $0.000015 in such a muted scenario. SHIB investors on risk-on mode Source: Coinglass SHIB investors’ risk-on mode further supported the shared bullish thesis, as denoted by consecutive daily net inflows for two days straight. Per Coinglass data, SHIB saw $9.1 million in net inflows on Thursday. Spot market demand was also strong on Wednesday, as seen by a $4.7 million daily inflow. SHIB could edge higher if the strong demand from the spot market extends. A similar bullish sentiment was also prevalent on the derivatives side. Notably, Open Interest (OI)…
Filed under: News - @ September 27, 2024 2:18 am