Here's what's blocking a 5% potential gain for Shiba Inu

Here’s what’s blocking a 5% potential gain for Shiba Inu

Updated: 14 September 2023

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The recovery rate for SHIB could increase by an additional 5%. However, This windfall was halted by a $0.00000739 obstacle that prevented such a windfall from happening.

Information provided on this website is not intended to constitute financial, investment, trading, or any other type of advice or recommendation and is solely the writer’s opinion.

It was a key level for lower-timeframe players to keep track of, as the previous low of $0.00000739 was a key level.

As of press time, the Open Interest rate was up 16% at publication, but bulls had no leverage.

Since the beginning of September, Shiba Inu (SHIB) has reversed nearly half of the +9% losses in the stock incurred between 8 September and 11 September. Amid an extended bearish pressure over the past weekend (8-10 Sept), the memecoin touched $0.00000695 despite the extended bearish pressure. Even though SHIB reclaimed the crucial H12 bullish order block (OB) of $0.00000713 – $0.00000727 (cyan) at the end of the day, a key hurdle hindered the stock from improving further.

Will SHIB Bulls be able to surpass $0.00000739?

A previous lower low of $0.00000739 was reached on 4 September, which was a previous low. There was a breach of the level along with the H12 bullish OB of $0.00000713 – $0.00000727 (cyan), expanding SHIB’s drop to $0.00000695.

Despite reclaiming the H12 bullish OB, bulls could still not close above the $0.00000739 level, making it a sticky hurdle that the bulls will have to overcome soon. We have witnessed two price rejections in the last two days, but the drop hasn’t gone below the bullish overbought level for the H12.

By closing above the $0.00000739 level in the H4 market structure, bulls could see a gain of 5% if the market structure flips over to a bullish bias due to closing above that level. If bulls are to achieve their goal of 5% potential gains, they must clear another roadblock and daily bearish OB of $0.00000758 – $0.00000766 (white) to accomplish this.

Meanwhile, the RSI has failed to cross the median 50 mark, whilst the CMF continues to head southwards below zero level. A weakening buying pressure is also evident among declining capital inflows, which is indicative of weaker demand.

Aside from that, the 50-EMA (Exponential Moving Average) converged with the $0.00000739 level on the daily chart, indicating that the trend is upward. Therefore, it was a crucial milestone for the project to cross this level. There is still a chance that a crack in the H12 bullish OB, cyan, will further weaken SHIB and may ease to $0.00000695 in the near term.

Shiba Inu demand has improved, but

In the first half of September, SHIB had its lowest Open Interest rate in 11 years, dropping to $13 million, up from $18 million on 4 September when it recorded its highest Open Interest rate of 11 years.

It is important to note that the metric has increased to $14 million since press time, indicating a little improvement in demand, translating into around 16% in Open Interest during the 24 hours preceding press time.

Nevertheless, there was a fluctuation in funding rates, and the Futures segment’s trading volume was down by over 8% by the time of this article. The negative readings above could likely make the $0.00000739 level even more sticky in the short run unless Bitcoin (BTC) retests the mid-range of $27k in the near future.

What is the future of Wall Street Memes in 2023?

It has been a very good year for meme coins in 2023, having had a considerably better year than any other group of cryptocurrencies.

Even among these meme coins, though, one stands out above all the rest of them – Wall Street Memes (WSM). Throughout the summer of this year this new meme coin held its presale throughout the summer, raising over $25 million as a result.

Right now, the token’s presale is only days from completion, and the token will be listed on exchanges within 11 days of the presale ending.

The project’s developers have recommended that potential buyers take advantage of this opportunity to buy the WSM token while it is still selling for $0.0337 at the time of writing. There will be no more control over its price once it appears on the exchanges, and no one knows what the volatility might do to it once it does appear on the exchanges.

To buy the tokens during the final presale stage, users can use BNB, ETH, USDT, and credit or debit cards to do so.

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