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Shiba Inu (SHIB) short-term holders performed better than rivals like Pepe (PEPE) last week. Over the past five trading days, Shiba Inu price predictions and comparisons showed SHIB and Dogecoin (DOGE) gained less than 1%, while PEPE offered speculators a +22% gain.
Trading Volumes in Meme Tokens
According to the 21milyon.com website, at the time of writing, PEPE’s daily trading volume was $3 billion, while SHIB and DOGE were $500 million and $1 billion, respectively. This means PEPE’s volume was 6 times that of SHIB and 3 times that of DOGE. The market entered PEPE’s recent rise with FOMO.
Since the meme token has maintained its sideways structure since mid-April, this situation could be discouraging for SHIB’s short-term holders. So, is a breakout likely for SHIB, and what are the key targets to consider? Since mid-April, SHIB has stayed below $0.000027. During the same period, it fluctuated between the 50% and 61.8% Fib levels.
Despite several retests of the highest range, the resistance doubling as a bearish order block (OB) poses a significant obstacle to further upside. SHIB bulls could see more upside only if they manage a decisive daily candle close above the 50% Fib level. However, the neutral relative strength index (RSI) indicated that the strong buying pressure needed for the upward breakout has not yet formed.
Analytical Reports on SHIB
This situation could mean that SHIB might remain stuck for a while longer. The neutral and market indecision scenario was further confirmed by mixed signals in the futures market and on-chain metrics. According to Coinglass, SHIB’s open interest (OI) rose to $90 million, indicating an increase in bullish sentiment in the futures market. However, on-chain data gave a contrary signal.
Specifically, the supply on exchanges suddenly increased, signaling a rise in selling pressure as more SHIB was moved to exchanges for unloading. Additionally, the sentiment falling into the negative zone indicated a pessimistic outlook for SHIB’s price expectations. Nonetheless, SHIB could expand its price range to gather enough momentum for a potential breakout. If so, SHIB investors could capitalize on the highest and lowest levels to take profits and re-enter.
