noted that an 18% move higher was expected. Since then, the bullish momentum has slowed, but a support zone could hold off the sellers.traded at $63.7k at press time and could sink toward liquidity at $59.4k again. This could hurt the meme coin prices in the short term.The encouraging sign for Shiba Inu bulls in the past two weeks was the $0.0000235 region being flipped to support. However, the RSI was at 45 and showed bearish momentum had a slight advantage.
Similarly, the OBV was also unable to break the two key levels of the past two weeks. It suggested that buying and selling pressure were balanced, and neither side had a clear advantage. Therefore, the BTC trend could be the deciding factor for SHIB in the coming week. To the north, the $0.00003 level is the short-term bullish target.The Weighted Sentiment behind Shiba Inu was slightly positive. Yet, the other metrics have been in decline alongside the price.
The Social Dominance has been on the wane in the past six months, reflecting reduced social media engagement around SHIB. The Open Interest also saw a decline in the past three days as the meme token lost its lower timeframe bullish momentum.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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