SHIB Drops 20% but Holds Bullish Daily Trend
At a Glance
- Shiba Inu (SHIB) saw a decline of around 20% following a price surge.
- Despite short-term losses, the daily chart shows a bullish structure.
- Technical indicators such as OBV and RSI point to increasing buying interest.
- The short-term 4-hour chart remains bearish.
- There are potential entry opportunities for medium-term traders.
Review: The Failed Breakout
Shiba Inu reached a local high of $0.0000152 on March 26. The price then dropped by about 18%, which many market participants interpreted as a sign of an impending correction. However, this decline wasn’t isolated—Bitcoin also lost around 5.8% in value during the same week. This development triggered widespread sell-offs in the altcoin market.
Market Structure Remains Bullish
Despite the drop, SHIB’s daily chart shows a positive structure. The price previously broke through the $0.0000138 level, which is considered a bullish signal. As long as the price doesn’t fall below $0.0000115—a decrease of about 9.6% from the current price—the overall structure remains intact.
Technical Indicators Support the Buyers
Two key technical indicators support the bullish scenario:
- On-Balance Volume (OBV): OBV has been rising steadily for the past three weeks, indicating increasing buying activity.
- Relative Strength Index (RSI): The RSI is approaching the neutral 50 level. A breakout above this level would signal further momentum.
Short-Term Weakness in the 4-Hour Chart
A different picture emerges in the short-term timeframe. The price fell below two support levels at $0.000013 and $0.0000125. Only a 20% rebound within 24 hours pushed SHIB back above the $0.0000125 mark. Nevertheless, the structure in the 4-hour chart remains bearish for now.
What Does This Mean for Traders?
Short-term traders should exercise caution. Recent losses show that the market remains volatile. However, those focusing on medium-term developments can take advantage of the bullish structure in the daily chart. An entry could be worthwhile as long as the price stays above $0.0000115.
Our Assessment
Despite setbacks, Shiba Inu is showing signs of recovery. Technical analysis on the daily timeframe supports a continuation of the upward trend. Short-term fluctuations are to be expected, but the rising buying volume and recovering RSI are positive signals. Those with a longer-term outlook should keep a close eye on the current price zone—especially with regard to the support level at $0.0000115.
You should read that too:
-
Asian Slots – The Best Asia-Themed Online Slot GamesReading time: ~ 2 minutes
-
Best PayPal Online Casino Sites
Reading time: ~ 2 minutes
-
Food and Drink Slots: The Best Slot Games Inspired by Culinary Delights
Reading time: ~ 2 minutes
-
Igloo Ventures SRL
Reading time: ~ 2 minutes
-
Low Volatility Slots
Reading time: ~ 2 minutes
Sources
- TradingView
- Shiba Inu blockchain data
- Market analysis by independent crypto analysts
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| 1st deposit | 120% up to $500 + 100 Free Spins |
| 2nd deposit | 100% up to $300 + 100 Free Spins |
| 3rd deposit | 150% up to $500 + 100 Free Spins |
| 4th deposit | 100% up to $300 + 100 Free Spins |
| Wagering requirements | 45x deposit + bonus |
| 40x free spins winnings | |
| Minimum deposit | $10 (1st) |
| $15 (2nd-4th) | |
| Maximum bet | $5 per round |
| Bonus validity | 30 days to claim, 7 days (1st-4th) |
| 7 days for free spins |
- You must complete the registration and verification process, including a valid email or phone number, to qualify for this bonus.
- You must select the desired bonus during the deposit process.
- There is a maximum withdrawal limit of $10 from winnings derived from free spins.
Advertising transparency