Shiba Inu reached the $0.000007 price level, continuing its respectable short-term rebound.
Bullish confidence was strong, but selling pressure continued.
Shiba Inu [SHIB] kept up its gradual ascent out of the $0.000006 price range. Low trade volumes for Shiba Inu since early September indicate a lack of interest in memecoins in recent times.
According to AMBCrypto’s prior research on October 15, SHIB may see a comeback based on the market movement. Memecoin posted a string of bullish candles on the lower timeframes, confirming this prediction.
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SHIB traders may be able to convert the recent short-term rebound into a long-term bullish move, with Bitcoin [BTC] leading the bullish drive.
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While buyers exhibit positive indicators, they still lack impetus.
Three consecutive bullish candles in the daily period highlighted the more bullish comeback. The Relative Strength Index (RSI) reached the neutral-50, indicating a balance between buying and selling pressure.
Additionally, purchasers should be encouraged by the daily trading volume’s steadiness as shown by the On Balance Volume (OBV). But a long-term positive surge that is sustained would require a large increase in trade volume.
As of the time of writing, buyers can try to cross the $0.0000075 barrier on the longer periods, where the price is now trading at $0.000007. With a bullish break of the previous lower low, Shiba Inu can easily reach the resistance level of $0.00000807.
Nonetheless, significant outflows of money may be a mitigating influence. With a value of -0.11, the Chaikin Money Flow (CMF) remained in negative territory. This indicates that SHIB investors are not yet actively prepared to support a long-term bull run.
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Buying short positions should be done with caution.
Strong capital withdrawals caused sellers to keep increasing their short positions in expectation of more market declines. Additionally, as of the time of writing, shorts had a 51.53% stake of the open contracts, according to the exchange long/short ratio, putting them ahead of the competition.
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