Shiba Inu [SHIB] Technical Analysis: Could the 23.6% Fib Level Flip the Coin?

• Shiba Inu [SHIB] has been consolidating in a tight range between $0.00000832 and $0.00000914 since 8 May 2021
• The daily chart’s CMF and RSI have risen, indicating increased capital inflows and buying pressure, respectively
• A session close below $0.00000864 could sink SHIB to test its December lows of $0.00000779

Overview of Shiba Inu (SHIB)

Shiba Inu is an altcoin that has seen low volatility on higher timeframe price charts in the past few days. Its price oscillated between $0.00000832 and $0.00000914 since 8th May 2021 amid cut-throat competition from PEPE coin. Although there was a slight overall market sentiment improvement on 17th May 2021 after Bitcoin (BTC) reclaimed the $27k zone, a decisive reversal hasn’t been recorded yet.

Technical Indicators

The daily chart’s CMF and RSI have risen in the past few days, showing increased capital inflows and buying pressure, respectively. The Fib retracement tool (multicolored) was placed between the Q1 swing high and December lows of SHIB which currently stands at 23.6% Fib level ($0.00000967). If the trend persists and macro environment conditions continue to ease, SHIB could rally to this level of support, but it would need to flip this level for bulls to gain leverage over bears. On the other hand, if there is a session close below $0.00000864 then SHIB may sink back to its December lows of $0.00000779 which will clear all gains made so far in 2023 year-to-date (YTD).

Aggregated CVD Spot

As per Coinalyze data, the aggregated CVD (Cumulative Volume Delta) spot on the 1-hour chart had declined for the past few days thus reinforcing that sellers had the upper hand during this period of time which needs to be watched closely as increasing CVD spot will signal bulls gaining momentum in future trading sessions . Moreover liquidations data showed more long positions ($80k) wrecked than shorts ($9k) in 24 hours period which reinforces sellers’ edge so traders should exercise caution when dealing with this crypto asset going forward

Price Prediction

Given that technical indicators are improving along with positive capital flows into SHIB price action may see some upside potential over coming weeks if buyers manage break above 23% Fibonacci retracement level otherwise it will remain stuck below this level for foreseeable future .


In conclusion , bullish investors should be cautious while entering new long positions as current market conditions point towards bearishness however given recent technical improvements short term traders might want to capitalize on any upside potential resulting from upcoming news events or macro environment conditions easing .