Forget the Bitcoin blues; Shiba Inu might just wag its way back into the green. Despite a recent 20% dip from resistance at $0.0000152, and broader market jitters spurred by Bitcoin’s 5.8% tumble from $87.6k to $82.4k, Shiba Inu is showing signs of bullish resilience.
While the knee-jerk reaction to Shiba Inu’s price drop might scream “bearish,” a closer look reveals a different narrative. Shiba Inu’s market structure on the daily chart actually turned bullish when it climbed past $0.0000138. Critically, the price would need to fall below $0.0000115—a 9.6% drop from current levels—to reverse back to bearish territory.
Adding fuel to the bullish fire, Shiba Inu’s On-Balance Volume (OBV) has been on an upward trend for the past three weeks, signaling increasing buying pressure. The Relative Strength Index (RSI) is also bouncing back, poised to push above the neutral 50 mark, potentially confirming a shift towards bullish momentum. Even with an 18% price correction in recent days, these indicators suggest that Shiba Inu could be gearing up for a price surge.