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Shiba Inu (SHIB), the popular meme token, has reversed approximately half of the losses experienced between September 8th and September 11th. Last weekend, amidst prolonged selling pressure, the meme token dropped to $0.00000695. So, what’s next for the meme token?
Critical Metric for SHIB!
Although SHIB has reclaimed the critical H12 uptrend order block (OB) between $0.00000713 and $0.00000727, a significant resistance has further limited upward movement. The $0.00000739 level was the previous lowest level on September 4th. This level was violated along with the H12 uptrend OB at $0.00000713 and $0.00000727, causing SHIB to drop to $0.00000695.
The bulls of the cryptocurrency had regained the H12 uptrend OB but had not yet closed above the $0.00000739 level, making it a challenging obstacle. This situation resulted in two price rejections, but the drop did not go below the H12 uptrend OB. Therefore, if the H4 market structure closes above the $0.00000739 level, the bulls may see a 5% gain. However, for the bulls to realize the potential 5% gains, they may need to overcome another obstacle and break the downtrend OB at $0.00000758 and $0.00000766 on a daily basis.
SHIB Price Analysis!
Additionally, the relative strength index (RSI) failed to surpass the 50 level, and the CMF moved below the zero mark. This indicates weakening buying pressure with decreasing capital inflows. Furthermore, the 50-EMA intersected with the daily chart at the $0.00000739 level. This suggests that the level is a significant resistance. Breaking the H12 uptrend OB could further weaken SHIB and push it down to $0.00000695. After dropping from $18 million on September 4th to $13 million, SHIB reached its lowest Open Interest rate in the first half of September.
However, with a slight improvement in demand, the metric rose to $14 million, which according to Coinglass, accounted for approximately 16% of the open positions in the last 24 hours before the publication time. Additionally, funding rates fluctuated, and the trading volume of the futures segment decreased by approximately 8%. These mentioned negative views can make the $0.00000739 level more sticky in the short term unless Bitcoin (BTC) retests the $27,000 mid-range.
