Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice An important resistance level throughout November was yet to be beaten On-chain metrics suggested that accumulation might not have commenced The World Economic Forum had invited Shiba Inu to participate in discussions around the metaverse […]
also saw some bullishness recently, but its higher timeframe bias remained bearish. As things stood, buying and holding could be a risky strategy for market participants eyeing the Shiba Inu asset. Altcoins can see a drawdown of 90%, and a 90% yet again, so patience could be key for buyers of coins like SHIB.Source: SHIB/USDT on TradingView
Taken together, the lower timeframe momentum was bullish. Yet, the market structure remained weakly bullish. A move past $0.0000094 and a subsequent retest would solidify the idea that buyers possessed significant strength. The On-Balance Volume formed a higher low since 21 November but dropped dramatically in November. For risk-averse buyers, a flip of the $0.0000094 level to support would still present only a risky buying opportunity. This was because the buyers were yet to show their dominance on the OBV. Bitcoin did not show signs of a reversal yet either, which meant patience could be key over the next few days.
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