• Shiba Inu [SHIB] recently bounced from a demand zone, and the lower timeframe price charts showed that the bears were dominant.
• To change this, a large influx of demand was required to shift the market structure.
• The metrics suggested a range formation was likely, with $0.00000871 as the upper resistance and $0.00000776 as the lower support.
Shiba Inu [SHIB] Retains Bearish Structure
The meme coin Shiba Inu [SHIB] has seen its price bounce slightly from a recent demand zone, but the lower timeframe price charts still show dominance by bears in the market. To shift this structure into a bullish one, buyers need to bring in an influx of demand.
Signs Pointing Toward Range Formation
Recent metrics indicate that SHIB is heading toward a range formation, with $0.00000871 as the upper resistance and $0.00000776 as the lower support if buyers cannot push past this level with increased demand. Santiment data suggests that SHIB is undervalued, while its weighted sentiment has only barely become positive after recent losses. Additionally, mean coin age has been steadily increasing over time which could be encouraging for buyers looking to make gains in SHIB’s future performance.
Metrics Show Positive Momentum
On-chain metrics such as OBV and RSI have shown some signs of positive momentum on 2-hour charts, indicating that there may be potential for buyers to succeed in pushing past $0.00000871 if they can generate enough demand for SHIB tokens in order to do so.
Next Resistance at 0.0000107
If buyers are able to push past this level of resistance then it will signal that SHIB is ready to move all the way up towards its next major resistance at 0.0000107 which holds significance on higher timeframes according to technical analysis indicators like Moving Average Convergence Divergence (MACD).
Conclusion
In conclusion, Shiba Inu [SHIB] appears poised for either a range formation or further upwards movement given current market conditions where buyers have generated some positive momentum while being met with both undervaluation and rising mean coin age trends according to Santiment data analytics platform insights into SHIB’s underlying fundamentals and technical indicators alike provide evidence of potential upside moves ahead depending on how much buying pressure can be generated around key levels like 0 .00000871; should it break out from here then we may see further upward action towards 0 .0000107 or beyond depending on how far buying power takes it