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Shiba Inu (SHIB), has continued its consolidation above the price level of $0.00000779, which is the lowest level of December since the mid-August drop. This movement seems to have prevented further losses for SHIB after experiencing over 20% decline for two consecutive weeks between August 14 and 28.
However, SHIB appeared to be ending August with a poor monthly performance graph. Yet, if Bitcoin (BTC) continues to move in this way, bulls may continue to defend the lowest level of December.
Bitcoin Price and Shiba Inu
Although BTC’s rise above $27,000 on August 29 and even touching $28,000 increased market sensitivity, the altcoin market did not make a significant move. While BTC gained +6% in value, SHIB only gained +1.8% on the same day.
However, a slight price increase could not prevent the rejection that occurred at the previous lowest level of May, which was $0.00000846. SHIB has been oscillating above the lowest level of December (0.00000779 dollars) since mid-August, and the lowest level of May is seen as an immediate resistance.
At the time of writing this article, BTC had lost its momentum and retreated to the mid-range of May around $27,000, with the price trading at the level of $26,300. If it defends the mid-range support in the next few hours/days, SHIB may continue to defend the lowest level of December.
The downward trend from the above range can give strength to SHIB to maintain the support at $0.00000698. Meanwhile, the RSI briefly recovered but fell below the value of 50, indicating silent buying pressure. The CMF also moved horizontally near zero, indicating stagnant capital inflows and strengthening the neutral thesis.
Current Situation of Shiba Inu
A quiet movement was observed on the derivatives side as well. Open Interest (OI) rates remained below $20 million for over a week since August 22. This situation reinforces the sluggish demand and neutral trend in the futures market.
However, liquidation data showed that more long positions were liquidated in all time frames in the last 24 hours before the publication of this article. This trend may indicate a strong short-term downward trend.
