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The demand for Shiba Inu (SHIB) remains weak as recent developments raise concerns about its market stability. An interesting event occurred when 151.61 billion SHIB coins were withdrawn from the Coinbase exchange. However, it remains uncertain whether this movement signifies accumulation in the market. Currently, daily price movements are still in a downward trend, while a change in market structure has been observed in the four-hour chart. The question that arises is whether this bullish signal can be sustained or if further losses are on the horizon.
Shiba Inu’s OBV at a Critical Level
The SHIB price has pulled back without surpassing the resistance level at $0.00002. The selling wave observed at the beginning of February has intensified pressure at this level. The next support level is identified at $0.00001288. However, the $0.000016 zone, which experienced consolidation in October 2024, could also serve as a strong demand area.
The On-Balance Volume (OBV) indicator shows that the SHIB coin price is at levels similar to October but remains lower. This indicates significant selling pressure over the past two months. If the OBV cannot surpass the October lows, recovery attempts may be delayed. The Relative Strength Index (RSI) remains below 50, further indicating the continuation of the downtrend.
What Price Levels Can SHIB Coin Reach in the Short Term?
At its recent recovery point from previous lows, the liquidation heat map indicates that the $0.0000154 – $0.0000157 area is a short-term target for SHIB. This zone could act as a significant resistance point in price movements.
Additionally, the $0.0000174 level emerges as a potential area for price pullback. This level is located just above local peaks seen in the four-hour price chart. Therefore, investors in long positions for SHIB coin may consider taking profits at this level. However, since the overall market sentiment remains weak, the continuity of any upward movement remains uncertain.
