Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
- SHIB stabilized slightly above the December low of $0.00000779.
- Strong positive capital inflows in recent days – is this enough for a revival?
Shiba Inu [SHIB] has witnessed low volatility on higher time frame price charts in recent days. The price has fluctuated between $0.00000832 and $0.00000914 since May 8 cutthroat competition by PEPE.
Read Shiba Inus [SHIB] Price prediction 2023-24
Meanwhile, on May 17 thereafter, there was a slight general improvement in market sentiment Bitcoin [BTC] has reclaimed the $27,000 zone. This followed an upbeat tone in US debt ceiling talks, which have sparked market turmoil in recent days.
Can SHIB reverse recent losses?
Source: SHIB/USDT on TradingView
Despite the recent price consolidation, the daily chart’s CMF and RSI have been rising over the past few days. It shows increased capital inflow and buying pressure respectively.
The Fib retracement tool (multicolored) was placed between the Q1 swing high and December lows. If the trend continues and macro environmental conditions continue to ease, SHIB could rise to the 23.6% Fib level of $0.00000967.
The 23.6% Fib level maintained the February and mid-March plunge. But it was breached in early May, exposing SHIB to more selling pressure. Therefore, bulls can gain leverage if they flip the 23.6% Fib level ($0.00000967) to support.
However, a session close to $0.00000864 could sink SHIB to retest the December lows of $0.00000779. Such a move will effectively recoup any gains made so far in 2023.
Aggregated CVD spot indicates…
Source: Coinalyse
How much is 1,10,100 SHIBs worth today?
According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) spot on the 1-hour chart had declined over the past few days. This reinforces that sellers had the upper hand during the same period. A rising CVD spot indicates that bulls are gaining strength and is worth following.
However, liquidation data showed that more long positions ($80,000) broke than shorts ($9,000) in the last 24 hours. It strengthens the edge of sellers and traders should monitor BTC’s price action before making any moves.
