๐Ÿถ Shiba Inu: The Unlikely Rise of a Meme Coin ๐Ÿš€

by
  • In a twist of fate, Shiba Inu tumbled 20% after its fleeting flight to $0.0000152
  • Alas, the bulls cling to hope, convinced the canine coin will soon leap to new heights

In the quiet corners of the market, the 1-day chart of Shiba Inu [SHIB] whispered tales of accumulation. On the 26th of March, the bulls valiantly charged at the $0.0000152 fortress, only to be repelled.

Yet, amidst the 18% descent that followed, a glimmer of bullish optimism flickered in the memecoin’s eyes.

The SHIB Saga: A Rally Cut Short

The 20% retreat from the resistance level at $0.0000152 could be interpreted as a bearish triumph. But oh, how the story is often missed in such a simplistic view!

While Bitcoin [BTC] slumbered in a bearish trend, falling from $87.6k to $82.4k, the market quivered with fear. Altcoins, including our beloved SHIB, felt the chill.

Yet, beneath the surface, the daily chart of Shiba Inu painted a bullish picture. A move beyond $0.0000138 altered the landscape, and the $0.0000115 level loomed as the final barrier to a bearish reversal. A mere 9.6% away from current prices, it taunted the bulls.

As the rally charged ahead, the OBV trended upwards for three weeks, a silent cheer for the bulls. And the RSI, oh the RSI, it too hinted at a return to bullish pastures beyond the neutral 50.

The 4-hour chart revealed a tale of woe since last Wednesday. The price, like a knight in shining armor, failed to protect the two support levels at $0.000013 and $0.0000125.

But lo! A 20% bounce in the past 24 hours restored Shiba Inu’s honor, breaching the $0.0000125 threshold once more.

So, while the 4-hour chart painted a bearish picture, the 1-day chart sang a bullish tune. And in the world of trading, the longer the timeframe, the sweeter the victory for swing traders and investors eyeing long positions.

Read More

2025-04-02 04:10