Shiba Inu reaches the 61.8% Fibonacci extension level – a wave of profit-taking could ensue

On-chain metrics showed that Shiba Inu could face some selling pressure as holders race to book their profits. From a technical perspective, the higher timeframe bias remained bullish.Source: SHIB/USDT on TradingView

The CMF was also above +0.05 mark, indicating significant capital flow into the market. The CMF rose throughout the past week and stood at +0.17. The market structure remained strongly bullish. A move into the $0.00001 zone of support can offer a buying opportunity since the price consolidated there for a few days. On higher timeframes such as the daily, a session close below $0.00001 would flip the structure to bearish.Is your portfolio green? Check theSantiment

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Shiba Inu’s price prediction using ChatGPT- Journey to the moon within reach?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ChatGPT has limitations but a trader can use the bot to enhance ideas. Easy and quick trading strategies for various timeframes can be quickly formulated and coded using the bot. The internet was taken by […]
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