The recent withdrawal of 151.61 billion Shiba Inu (SHIB) tokens, valued at $2.41 million, from Coinbase has caught the attention of traders and analysts alike. This notable outflow could indicate the possibility of accumulation in the broader market, a sign of potential bullish sentiment if sustained. Despite these movements, the daily price action for SHIB remained bearish, with a key question on everyone’s mind: Can the recent market structure shift on the 4-hour chart signal a reversal, or should traders prepare for further losses?
The OBV (On-Balance Volume) indicator has been a key focal point. The token’s OBV is currently sitting below the lows from October 2024, despite the price reaching similar lows. This suggests that selling pressure has dominated over the past two months. Combined with an RSI (Relative Strength Index) below 50, it points to a continued bearish outlook, signaling that the bears still hold control.
However, on the 4-hour chart, there has been a shift in market structure, with SHIB displaying higher lows over the past week. This shift could suggest that demand is slowly starting to build, although the OBV is still showing a slow, steady rise rather than an immediate surge in buying pressure. The $0.00002 resistance level was already flipped before the early February sell-off, and the next support level to watch is $0.00001288.
In the short term, SHIB has a few key price targets. The $0.0000154-$0.0000157 region stands as a crucial short-term resistance, with $0.0000174 acting as a significant area of interest. This zone sits just above the recent highs on the 4-hour chart, and traders currently in long positions may consider booking profits at this level.
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Given the bearish sentiment across the broader market, traders should remain cautious while monitoring for signs of sustained buying pressure that could push SHIB higher.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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