by - Shiba Inu encountered a crucial resistance zone at $0.000000934.
- The market structure remained neutral, but the alt might dip to $0.000000920.
The meme token, Shiba Inu, dropped about 8% of the gains seen on December 5 after price corrections wiped the entire upside. The alt changed hands near $0.000000931 during this writing while presenting a mild bullish strength on the 3hr chart.
Yet, technical indicators suggested that Shiba Inu exhibited a neutral market structure without a clear bias for traders looking for convincing gains. Nevertheless, on-chain metrics flashed a bearish picture that might see Shiba Inu plummeting toward $0.000000920 before potential rebounds.
SHIB Struggles to Overcome $0.000000934 Resistance – Downsides?
Shiba Inu’s price action from November 28 formed a bullish triangle setup. Meanwhile, the breakout saw the alt gaining more than 8%. Nevertheless, a price correction emerged to erase all the upsides, setting the token on a new start.
While writing these lines, the 3hr chart’s mild bullishness may hardly persist. The DMI (Directional Movement Indicator) suggested that the green line (buyers) and the red line (sellers) remained below 25. Thus, the market stayed neutral.
Meanwhile, the RSI (Relative Strength Index) reiterated from an oversold region and was dropping, nearing the neutral level. That shows SHIB buyers lost substantial leverage, though we cannot write them off. The MFI (Money Flow Index) saw a slight surge following a 180 from the oversold region’s lower ranges.
That indicates a minor SHIB accumulation, and we may expect upside moves. Nevertheless, Shiba Inu’s metrics flashed a bearish picture that might send the alt to $0.000000920. meanwhile, a candle close beyond $0.000000943 will cancel the discussed bearish inclination.
Promising Weighted Sentiment & Slumped Trading Volume
Santiment revealed that Shiba Inu’s weighted sentiment dipped further into the pessimistic region. That confirms a massive bearish bias that might drop the token’s price. Furthermore, trading volume declines might restrict more buying momentum.
Thus, Shiba Inu might fall to $0.000000920. Nevertheless, bullishness in the broad market and Bitcoin might propel the meme coin past $0.000000943 and annul the highlighted bearish prediction.
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