Shiba Inu: This ‘Golden Pocket’ Could Be the Key to SHIB Price Prediction

  • Shiba Inu firmly maintains a long-term vision
  • The current decline may take some time to resolve, and the gold stock market is a major area of ​​interest for bulls.

At the time of publishing Shiba Inu (SHIB) was trading at $0.00002725, down from a local high of $0.00004567. This represents a decline of 40% in eighteen days. According to technical analysis, the pullback could be deeper.

Whales benefited during the recent rally, while small holders continued to pour money into Memecoin. This behavior of the whales was another factor pointing to the continuation of the current decline.

The push and pull is not over yet.

Source: SHIB/USDT on TradingView

The SHIB market structure remained bullish over the 1-day period. The recent low was $0.00000946. It may take some time to establish a new higher low.

The RSI was also above the neutral 50 level, supporting the bullish view. However, the reading of 53.74 showed that momentum has slowed sharply in recent days. Selling pressure was also gradually increasing.

This was anticipated by OBV, which returned to its previous resistance level despite the recent massive rally. Fibonacci retracement levels (light yellow) still outline key support levels at which SHIB prices may retest.

On-chain metrics point to a consolidation phase

As prices fell, so did the open interest behind SHIB. This indicated that speculators were not willing to bet on Memecoin and preferred to stay on the sidelines. Additionally, the average age of coins has increased over the past two weeks.

This showed an accumulation of Shiba Inu across the network. While the price experienced a short-term decline or pullback, holders were already preparing for the next rally. This was an encouraging sign.

How much is 1, 10 or 100 SHIB worth today?

MVRV still has a high positive reading despite the recent bearish trend. A large portion of holders were still making profits, but selling pressure to take profits is likely to be less.

Overall, it looked like SHIB would slowly fall towards the Fibonacci Golden Bag. It may then form a range within that zone before taking off or it may see a strong bullish reaction immediately after retesting the demand zone.

Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.

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